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Australian Dollar Resistance at 9943

Australian Dollar Resistance at 9943

2011-03-17 13:04:00
Jsaettele,
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480 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Resistance at 9943

Prepared by Jamie Saettele

The AUDUSD dropped as low as 9700 in yesterday’s post US panic decline. The 100% extension of the decline from the January high was 9749. The drop below 9803 signals a break to the downside for 2011. A sharp corrective rally could reach as high as 9943, which is former support. I favor selling rallies and the next downside objective is the December low at 9537.

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