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Australian Dollar Tests May Low

Australian Dollar Tests May Low

2011-05-16 15:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Tests May Low

Prepared by Jamie Saettele, CMT

The AUDUSD has bounced sharply so we must question whether or not price will reach the objective near 10400. I wrote Friday that “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.” Trading above 10715 would be an indication that a larger triangle or flat pattern is underway from the 11011 high.

Support/Resistance Index (M,W,D) – 0, 0, (2)

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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 jsaettele@dailyfx.com.

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