Daily As you can see:Held the strong technical resistance of 95c...

Daily



As you can see:
Held the strong technical resistance of 95c quite well.
The break out of the bullish wedge rather than up was a bit disappointing, but if we can close above 1.055 it should signal an end to the down swing. As I mentioned the slow stochastic moved above out of the downswing. Don't think I included it but 38% Fib retrace from the high is around 1.10, so that may be the first resistance.

Weekly



Longer term trend suggests we should be moving back up to 1.40 -1.80 by Christmas (would be nice wouldn't it). 100% extension of wave 3 is 2.20, which is interesting to note was one broker valuation a year or so ago. However, it should be noted that this pattern has only started to emerge from about May09. Trading from Oct08-May09 was very boring, with little movement and low volumes. Therefore the reliability of the trend channel isn't that good as it hasn't been confirmed by many touches.
If the next move up is Elliott wave 5, it won't be very impressive, more like a slow steady climb to 1.30-1.50 over the next 2 months (which isn't bad). However with managements style of releasing a flurry of announcements at a time, a 1-2-hook if you will, I think a more agressive move is probable.

DYOR. This is not investment advice, and I'm not a professional investor, I only just finished my exams this morning! (Too much time spent learning to chart, not enough time spent learning the colourful history of banking in Australia lol..)