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AUDUSD Rally is Largest Since November

By , Sr. Technical Strategist
06 June 2012 21:56 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Rally is Largest Since November

Prepared by Jamie Saettele, CMT

The AUDUSD blew through 9805 and continued all the way to 9930 today. This is why one uses stops. There is nothing wrong with a 30 pip loss. The more or less insane rally has brought price right back to where it was in mid-May. More importantly, price is at a level that we’ve cited as important resistance for some time – 9930 (5/22 high). Resistance extends slightly higher into channel resistance and the 5/16-5/17 highs at 9965. Support is now 9825/40.

LEVELS: 9755 9800 9840 9930 9965 10020

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06 June 2012 21:56 GMT