Australian Dollar / US Dollar 07-06
The decline from 8865 is impulsive (5 waves) therefore I favor the downtrend against that level. The rally from 8310 is a flat. Having reached the 4th wave extreme, expectations are for a top and reversal. Additional resistance 8590 (former support and 50% retracement) and 8650 (61.8%).
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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