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Australian Dollar New Low Expected

Australian Dollar New Low Expected

2011-02-15 15:38:00
Jsaettele,
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar New Low Expected

Prepared by Jamie Saettele

Short term Elliott resistance continues to hold and the AUDUSD remains vulnerable to one more low in order to complete an impulsive (5 waves) decline from 10200. A recovery back toward 10075 is expected following one more low. Bigger picture, a drop below 9803 is needed in order to confirm a more important top. 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. It is worth noting that the AUDUSD has now dropped below both its 20 and 50 day averages but is supported by a trendline extended off of the December and 1/31 lows.

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