Australian Dollar Bullish Outside Day Reversal

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