Australian Dollar Bearish Engulfing on the Weekly
Prepared by Jamie Saettele, CMT
Last week’s AUDUSD selloff produced a bearish engulfing pattern on the weekly. Near term, the rally into 10800 may have completed wave b (or 1) of a 3 wave correction. A sharp drop in wave c is expected over the next several days. An objective is 10327 (100% extension) and 10255 (former top).
Support/Resistance Index (M,W,D) – 0, (3) ,(2)
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 firstname.lastname@example.org.
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