Market Forecast for 04-26-12

AUDUSD: Possible Wave 3 up on daily chart on the Aussie, or a possible Wave C rally is pending, which is part of a larger wave A. All of this is occurring within a potential large triangle that's forming on the weekly charts. Good odds, nonetheless.

TRADE Recommendation: Buy 1.0366 limit, use 1.0244 stop loss, move stop to break even at 1.0424, Target 1 = 1.0580, Target 2= 1.0660.

See the daily Aussie-Dollar chart below with the complete analysis.

audusd aussie dollar daily chart for 04-26-2012

USDCAD: Canada finally broke below the range that I had been recommending to fade for weeks, and working. Look to sell intraday rallies in Dollar-Cad until .9680 target is reached, as long as the 60-240 minute trends are down. Also expect a wave 4 corrective rally as dictated by my wave counts and the automated forecast (see chart below). 

usdcad dollar canada daily chart 04-26-2012

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