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60 Minute Bars
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