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Australian Dollar Holding Above 10100

Australian Dollar Holding Above 10100

2011-02-08 15:37:00
Jsaettele,
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Holding Above 10100

Prepared by Jamie Saettele

The AUDUSD remains supported as we await the next move. Price reversed Friday to carve out a reverse hammer bearish candle. Still, the rally is seemingly unstoppable as price remains in the January 3rd area (first trading day of the year). 10224 is the 2011 high to date, which is significant when viewed in light of high/low tendencies for the year. As long as that level holds, bearish potential does remain.

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