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Australian Dollar Top Expected – Short Idea Triggered

Tuesday, 27 September 2011 15:42 GMT

by  Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Top Expected – Short Idea Triggered

Prepared by Jamie Saettele, CMT

I remain of the persuasion that the AUDUSD is headed lower. In fact, the rally from 9620 fits as a 4th wave within the decline from 10764. A top and reversal is expected at / close to current price (9970). Bearish objectives are the November 2010 low at 9534 and the 2009-2010 double top at 9400.

Trend Strength (M,W,D) – 1, (2), (1)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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