Trade
Follow Us

Resources

Australian Dollar Wedged between Several Trendlines

By Jamie Saettele,
29 December 2011 23:14 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Wedged between Several Trendlines

Prepared by Jamie Saettele, CMT

There are several interpretations of wave structure from the July high (including a bullish triangle and bearish triangle as wave B from the October low) but most point higher over the next few weeks towards 10575 (100% extension of rally from 9663). Exceeding 10220 would inspire confidence in an upside bias. Until then, we could see a dip below 10045. 9860 remains the key level for bulls. 10100 is short term support

Other TA Articles

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.

29 December 2011 23:14 GMT