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Australian Dollar Risk on Longs Moved to 10645

Monday, 27 February 2012 21:40 GMT

by  Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Risk on Longs Moved to 10645

Prepared by Jamie Saettele, CMT

A 4th wave decline is probably complete at this week’s low and focus is on the 2011 high at 11080, and typical Fibonacci relationships; Wave 5 = 1 at 11153 and wave 5 = 61.8% of waves 1-3 at 11236.  These levels intersect the EW channel on March 7th and March 15th. Risk on longs can be moved to today’s low (10650). The current technical position is exciting for bulls as a 3rd wave may be underway from today’s low. If this assessment is correct, then expect the rally to accelerate in the next few days. A short term objective above 10844 is the 161.8% extension of the 10597-10754 rally, at 10905.

Bottom Line – Higher

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