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Australian Dollar Soars; 8440-8500 is Resistance

Australian Dollar Soars; 8440-8500 is Resistance

2010-05-27 14:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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DT-10-05-27-AUD 

Bottom line – the trend is down and rallies should be sold. The AUDUSD rally has reached parallel channel resistance so there is the risk of a top and reversal from the current level. The next level of potential resistance is 8440 (38.2% retracement of the decline from 9080).

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 jsaettele@dailyfx.com.

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