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FOREX Technical Analysis: AUD/USD Seemingly Pinned at 10500

By , Sr. Technical Strategist
10 December 2012 23:40 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Seemingly Pinned at 10500

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The AUDUSD is too strong to buy and too quiet to short right now. Volatility is so low that the next drop will probably prove corrective. It often takes several ‘false starts’ in a volatility environment this low before the ‘real’ turn occurs. “10550, the 9/14 reversal day close, is a level that may produce the next top. It’s worth keeping in mind the longer term AUD/USD triangle, in which price probably declines towards parity or below in order to complete triangle wave E.” Another possibility to consider; wave E of the triangle is also a triangle and began in August. The triangle within the triangle would certainly explain the volatility environment. The requisite calls for 11080 are starting so we’re probably not far from a top (of what degree I’m not certain).

FOREXTrading Strategy: MIGHT short at 10550 if the intraday setup is there and the rally to that area is on ‘news’.

LEVELS: 10340 10393 10441 10518 10550 10624

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10 December 2012 23:40 GMT