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AUDUSD Former Support is Resistance above 10200

By , Sr. Technical Strategist
07 May 2012 22:04 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Former Support is Resistance above 10200

Prepared by Jamie Saettele, CMT

The AUDUSD traded to a 2012 low last night before reversing and trading over 100 pips from its low. A daily key reversal formed in the process (just as one formed on 4/11) but stronger evidence is needed in order to suggest that a low is in place. In fact, the AUDUSD could trade into the 10300s and still be considered bearish on a medium term basis. Former lows at 10225/45 are interim resistance. I’m looking sideways/higher before bearish continuation towards 10043 (pivot low in December) and 9860 (December low).

Ideas: short on strength into 10225/50, stop 10365

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07 May 2012 22:04 GMT