prep thread 7-13 feb 2011, page-11

Hi Wink and FX'ers here's my outlook for AUD/USD Mthly down to Daily for the comming week.

Obviously can't and won't say much here about 1hr, 30min, 20min, 5min, 3min, and 1min timeframes without watching whats going on at the time, and the method I use has nothing at all to do with time only price so I don't consider when anything may occur except news events. Time being length of time not timeframe chart

So here goes.

Mthly at resistance area of 10166 with next major mthly resistance at 11086. this being a mthly timeframe the 11086 could be many mths away as you will all know and several things need to happen to look like getting here one day.

The old high of 10256 should have signifant short stops placed above this area so if the market can get into this area for a while then at least a stop hunt should be on the cards with chance for continued up trend/thrust. This will have to be read on 4 hr and below timeframes if/when this eventually happens.

Mthly support still at 9850, this still stands for me as the mthly bar has to Close Below this area although price has closed below this 9850 on shorter timeframes.

Major mthly support at 9419 remember this figure can be penetrated on shorter timeframes for me so long as mthly closes above again. Obviously I don't expect to see this in the week ahead and maybe not for a long time, who knows. I just like to look at both sides.

Jumping to the daily likely to be stops placed below 9804 so I would be prepared for a wash and rinse if the market can get down here with my strongest daily support at 9748 to 9723.

Botton line here for me is the market will need to stay above the 10166 area to continue up and get through the 10256 area and into some short stops or I will be looking at the 9850 as first reasonable support followed by a bit below 9804 for a stop hunt and maybe wash and rinse with 9748/9723 for signifant support.

Also from memory there is weekly resistance in the 10600 area, but thats for the future at this stage.

I am interested to see how these figures compare to others.
wonder if Fibonaccai will show his thoughts here for us all.

Please remember these fit with the method and trading plan I use which has more than I have mentioned here for direction, trend and context. Also I have 3 different trading timeframes.

There is nothing inconsistent in being short a weekly chart and long a 4hr and 1hr chart.

Looking forward to reading some other opions on this all.

Good trading everyone and thanks for the idea Wink.