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Australian Dollar Back to 10100

Australian Dollar Back to 10100

2011-03-22 14:41:00
Jsaettele,
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480 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Back to 10100

Prepared by Jamie Saettele

The AUDUSD has taken quite a ride of late. The AUDUSD drop to 9700 last week may have completed wave C of a large triangle (a bearish count does remain intact but I want to present this idea as well). The drop below 9803 signals a break to the downside for 2011 but the sharp and impulsive nature of the recovery throws a wrench into the larger bearish bias. Resistance extends as high as 10150/60. 10030/60 is now support.

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