Australian Dollar Little Changed
240 Minute Bars
Prepared by Jamie Saettele
After plummeting to start 2011, the AUDUSD has traded sideways and most recently broken above recent consolidation. Based on the impulsive decline from the December high, bearish potential does remain. Like the EURUSD however, the AUDUSD needs to roll over this week for the bearish bias to remain favored. To review, I am bearish primarily because of 5 wave rallies at several degrees of trend (from 6008 and 8067) and the trendline break that occurred in January.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.