Australian Dollar Resistance at 10830
60 Minute Bars
Prepared by Jamie Saettele, CMT
After reaching support from former resistance at 10580, the AUDUSD has rallied violently and there may be a bit of upside left. 10830 is defined by the 100% extension of the rally from 10536 and the 61.8% retracement of the decline from the top. Watch short term channel resistance for a top as well. I expect a secondary top in this area and an eventual drop below 10536 – 10360 is an early guesstimate at an objective.
Support/Resistance Index (M,W,D) – 0, (4) ,(4)
Latest Video (market thoughts in lieu of video yesterday)
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market. Send requests to receive his reports via email to email@example.com.
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