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AUD/USD Near Term Resistance is 10285-10305

By , Sr. Technical Strategist
20 February 2013 22:26 GMT

Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Near Term Resistance is 10285-10305

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “It’s possible that this is the beginning of the larger AUDUSD triangle E wave towards 9800-9900. The most aggressive AUDUSD target is 9700. This objective is reached by extending the 10148-10598 range from 10148 (10148 needs to break first of course).”

FOREXTrading Strategy: I wrote yesterday that I was “looking to short strength above 10400. Resistance is estimated from the 50% retracement of the decline from 10597 at 10412 and where the rally from 10226 would consist of 2 equal legs at 10422.” Today’s drop necessitates that orders to short be moved down to 10305.

LEVELS: 10148 10192 10227 10274 10306 10337

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20 February 2013 22:26 GMT