Jamie's Pick: 12/14/11
The best bet for AUDUSD is a triangle or flat from the October low (with the current rally from the November low as wave C). Last week’s key reversal ahead of the 200 day average is enough evidence for me to be bearish on rallies, targeting the trendline that extends off of the October and November lows near 9800. The bearish bias level can be moved down to 10165 and resistance is now 9980 and 10050.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.