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Australian Dollar Range Tightens

Australian Dollar Range Tightens

2011-03-07 15:30:00
Jsaettele,
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480 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Range Tightens

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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