For those of you who do not have access to OHLC data I thought it might be useful to provide an update of the chart that first featured in; http://you-buy-the-high-i-sell-the-low.blogspot.com/2008/11/audnzd-history-and-outlook.html . As you can see we are approaching the monthly wedge resistance which comes in at about 1.2915. A break of 2008's high at 1.2970 would thus also lead to a break out of the wedge.
It seems that my expectation of a swift move higher has been proved wrong, but an attempt on the wedge resistance is still expected and indeed favoured by the technical structure. I will post a more short term chart and trade idea shortly.
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