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Australian Dollar at Short Term Resistance Line

Australian Dollar at Short Term Resistance Line

2011-02-25 15:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

TopHeadline_body_audusd.png, Australian Dollar at Short Term Resistance Line

Prepared by Jamie Saettele

With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. However, bears need a break below 9803 in order to confirm such a reversal and a move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000. The range has tightened and the AUDUSD should reveal its hand soon.

Click here to see outlooks for the rest of the USD majors.

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