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AUD/USD Elliott Wave Count and Fibonacci Levels for June 4, 2012

EUR/USD: The EUR/USD pair has started coming down gradually; all in the context of the uptrend. Should the price fail to breach the support line at 1.1200 to the downside (which would require large selling pressure), this would be taken as an opportunity to buy long when things are on sale and in the context of the uptrend.

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USD/CHF: Since the EUR/USD pair dipped a little on Monday, the USD/CHF pair rose a little. This could is seen as an opportunity to follow the dominant bias direction: an assumption that is valid if the resistance level at 0.9350 would not be breached to the upside.

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GBP/USD: The cable has started easing the trend that began last Friday. The market has come down gradually by 140 pips since last Friday, but the overall bias remains bullish. Only a movement below the accumulation territory at 1.5500 could render the bullish bias useless. A serious bearish pressure is needed for this.

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USD/JPY: We observe a buy signal on the market now. However, the signal should be traded in the short-term, not in the long-term, for the recent price action of this pair has been sideways at best. There cannot be a solid trending market until the supply level at 120.50 is overcome.

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EUR/JPY: In spite of the slight bearish retracement on Monday, there is still a valid Bullish Confirmation Pattern on this trading instrument. We do not need to forget that movements of this currency trading instrument would be largely determined by what happens to EUR this week. Weakness in EUR would cause the instrument to plummet and vice versa.

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