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AUDUSD Reward/Risk Highly Favorable for Bears

By , Sr. Technical Strategist
17 April 2012 21:18 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Reward/Risk Highly Favorable for Bears

Prepared by Jamie Saettele, CMT

“From a risk standpoint, 10464 is the bearish line in the sand for me. Exceeding that level would shift focus to former supports at 10509 and 10597.” Last week’s advance failed just before 10464 and at the underside of former trendline support and channel resistance. 10145-10386 is the opening range for the year (first 2 weeks) and a break of the early year range would open up the floodgates towards 9860 and 9660.

Bottom Line (next 5 days) – lower

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17 April 2012 21:18 GMT