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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: HG who wrote (6131)	5/20/2002 4:15:01 PM
From: John Pitera	Read Replies (1) \| Respond to of 33421

HG, the AUD and CAD are the premier resource currencies, and If we're looking at $400 gold prices going forward, that's gonna be a driver for a higher $AUD. the AUD is the premier gold currency in terms of trading correlation. I'm expecting .66 to .68 cents for the AUD over the next year and a half. The USD has been king over the last 5 years. It technically topped out in June of 2001, and it's been the past 3 or 4 months that have really been stoking the fires of those who can see more USD weakness. Elliott Wave and understanding the difference between impulse and corrective waves comes in handy In this case. Once Elliott people really learn to look for just the difference in the character and trading of impulse waves, and corrective waves it helps immensely with the big picture. Speaking of FAX since you brought it up, the 200 dma is at 4.68 and falling. That's where we'll see the bigger pullback. But there is no easy money to be made shorting FAX in my opinion. Nor in shorting gold. Nor in bottom picking in the US Buck. The FX traders I talk to can feel the excitement in the air, at least some of them, and the Market strategist in me is fairly interested too -g- John