Australian Dollar Short Term Elliott Channel Resistance
240 Minute Bars
Prepared by Jamie Saettele
The drop below 9962 (February low) is significant because it completes an intra month reversal. The 20 and 50 day averages are holding as support (on a daily closing basis) and a drop below 9803 is needed in order to confirm a more important top. Short term Elliott resistance pinpointed the high this morning and a drop below 9959 could complete 5 waves down from 10200. Keep in mind that the year to date high remains the January 3rd high (first trading day of the year). This is the most likely date of the year to produce a high or low for the entire year.
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