Australian Dollar Range Tightens
480 Minute Bars
Prepared by Jamie Saettele
There remains little to say regarding the AUDUSD as the price continues to trade in a tight range. Notice the tendency for price extremes to register early in the month however. Use the first few days of the month as an opening range and play the breakout. “With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. Do not dismiss the fact that the high for the entire year remains the 1st trading day of the year. A move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000. The range has tightened and the AUDUSD should reveal its hand soon.”
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