Australian Dollar Resistance at 8460/90
The rally off of last night’s low in the AUDUSD is probably a small 4th wave. Expect resistance from 8460/90 either today or tomorrow before the pair rolls over in a 5th wave. It is possible that the decline from 8864 is a completed 5 wave decline and that a 2nd wave is headed back towards 8570. However, the pattern does not possess the right ‘look’ (notably parallel lines) – so I cautiously favor the former interpretation.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday evenings), technical analysis of currency crosses on 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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