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Australian Dollar Sets Sights on 9803

Australian Dollar Sets Sights on 9803

2011-02-23 16:18:00
Jsaettele,
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Sets Sights on 9803

Prepared by Jamie Saettele

With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. However, bears need a break below 9803 in order to confirm such a reversal and a move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000. Near term, weakness is unfolding in an impulsive manner which keeps me looking lower. Near term, resistance extends to 10075.

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