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AUDUSD Former Base Channel in Focus above 9800

By , Sr. Technical Strategist
04 June 2012 22:22 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Former Base Channel in Focus above 9800

Prepared by Jamie Saettele, CMT

Futures volume on Friday indicates short term exhaustion of the bear move and is evidence that a much anticipated corrective rally may be underway. As for levels, 9800-9900 remains a resistance zone but watch the Elliott channel if price holds Friday’s low. 9900 intersects with the channel next week. The 20 day average is in the middle of the 9800-9900 zone (9847 right now).

LEVELS: 9580 9627 9690 9795 9900 9935

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04 June 2012 22:22 GMT