Aussie Dollar with Gann Lines

aussie weekly gann lines

In my soon to be released book, The Lost Science, I offer a Chapter where I re-acquaint the reader with Gann Lines and show the basic math behind them. I have been watching the Aussie Dollar fall apart lately and for my post today I have taken a weekly nearest futures chart and overlaid the Gann lines. Note that I have used Microsoft Paint program to overlay the lines, so they are not pinpoint accurate. However, I do draw your attention to the fact that from the $1.10 high in August 2011, the Aussie has been making lower highs and has been constrained by overhead resistance of the 4×1 Gann line. We have now broken the 2×1 line and from here if the Aussie wants to fall to meet the 1×1 line, it could get really ugly. Can you say 85 cent level ? On the other hand, if recent price action is just a mere overshoot of the 2×1 line, we could see price action get back up to the 98 level. Watch your technical indicators on a daily chart and a weekly chart for clues as to what is happening.

 

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