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AUDUSD 10300/50 is Resistance

By , Sr. Technical Strategist
03 May 2012 23:03 GMT

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD 10300/50 is Resistance

Prepared by Jamie Saettele, CMT

The AUDUSD is at the bottom of its range. Price action is nearly identical to March when the market started off weak from near 10800. If the March script is a guide (and I think it is), then expect a bounce into resistance at 10300/50. I’d fade strength into there with a stop above 10475. Levels that were discussed in recent months remain in play on a break. That is, the 2012 low at 10145, late December low at 10045 and December low at 9861. The 100% retracement of the decline from 10856 reinforces the latter level at 9861 and intersects channel support in early June.

Ideas: short on strength into 10300/50, stop 10475

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03 May 2012 23:03 GMT