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Australian Dollar Holding above 10300

Australian Dollar Holding above 10300

2011-03-30 15:21:00
Jsaettele,
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Holding above 10300

Prepared by Jamie Saettele

I wrote yesterday that “until an impulsive decline is visible from the high, I am not comfortable with the short side.” The AUDUSD has traded to a new high this morning but remains vulnerable in the near term as per the divergence with momentum. With 5 wave up from 9704, the decline and rally after 10314 may very well compose waves a and b of a flat. A drop below 10203 would complete the pattern and expose support at 10125/55.

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