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Australian Dollar Finds Bids Before February Low

Australian Dollar Finds Bids Before February Low

2011-03-11 15:54:00
Jsaettele,
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Finds Bids Before February Low

Prepared by Jamie Saettele

While it is too early to proclaim that the AUDUSD has topped for good, I continue to favor the downside against 10200 as per the 5 wave rallies at multiple degrees of trend. Yesterday’s drop did result in the break of short term support lines (drawn off of January lows as well as December and January lows). Price is also now below its 20 and 50 day averages.

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