Australian Dollar / US Dollar 05-11
Recent commentary was that “I remain focused on the reversal from two Monday’s ago (AUDUSD), which brings forth the potential for a double top with the November 2009 high at 9400. However, bears have been unable to register a close below the short term support line (not to mention the longer term channel line). Of note is the dark cloud cover candle pattern on the weekly (bearish reversal).” The AUDUSD has plunged below its year + channel and the next level of interest on the downside is the February low at 8575. 9130 is resistance.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to firstname.lastname@example.org.
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