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FOREX Technical Analysis: AUD/USD Inside Day Provides Reference Point

By , Sr. Technical Strategist
17 December 2012 23:08 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Inside Day Provides Reference Point

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The AUDUSD has traded at long term trendline resistance for 4 consecutive days. Perhaps RBA minutes tonight trigger something. “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.” It’s worth noting that today’s inside day at resistance is a trait common at turns and that COT data reveals a sentiment extreme.

FOREXTrading Strategy: I maintain that “it is FINALLY time to fight the rally.” I’m looking towards at least 10480.

LEVELS: 10393 10466 10508 10585 10624 10732

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17 December 2012 23:08 GMT