Australian Dollar / US Dollar 07-12
There are multiple ways to count the decline from 8865 and subsequent rally. We still could see a push above 8800 (as suggested by the above count) but 8865 is the key level. Trading above 8865 would shift focus to 9130/50 (former support and a 100% extension). Coming under 8565 would suggest that the larger decline has resumed.
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.