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Australian Dollar Bullish Outside Day Reversal

Thursday, 23 February 2012 02:31 GMT

by  Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Bullish Outside Day Reversal

Prepared by Jamie Saettele, CMT

The decline to 10600 may complete the 4th wave decline. “Recent AUDUSD action probably composes a 4th wave correction within the 5 wave advance from the 12/15/11 low.  Bullish objectives are the 2011 high at 11080, and common Fibonacci relationships.  Wave 5 = 1 at 11153 and wave 5 = 61.8% of waves 1-3 at 11236.  These levels intersect the channel on March 5th and March 9th.” The most bullish structure is valid above 10660 but bullish outcomes are favored above 10596.

Bottom Line – Higher

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