Australian Dollar Bounce is Corrective
240 Minute Bars
Prepared by Jamie Saettele, CMT
There is no change to the AUDUSD pattern as the bounce is corrective which keeps the bearish pattern bias intact. “The rally from 10536 is viewed as a B wave within a larger correction. As such, expectations are for price to roll over in wave C this week.” Wave C in the AUDUSD is underway. An objective is the 100% extension of the decline from 11011 at 10413. This level intersects with parallel channel support on Monday.
Support/Resistance Index (M,W,D) – 0, 0, (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 email@example.com.
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