Daily Bars
Prepared by Jamie Saettele, CMT
Recent AUDUSD action probably composes a 4th wave correction within the 5 wave advance from the 12/15/11 low. The floor is strong as price is holding its Elliott channel (line parallel to waves 1-3 extended from wave 2), 20 day average, and February opening range. Bullish objectives are the 2011 high at 11080, and common Fibonacci relationships. Wave 5 = 1 at 11153 and wave 5 = 61.8% of waves 1-3 at 11236. These levels intersect the channel on March 5th and March 9th. I like longs on dips between 10715/40 with a stop under 10645.
Bottom Line – Long, stop 10645, target above 11000
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
