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Australian Dollar Bullish Engulfing Candle

Australian Dollar Bullish Engulfing Candle

2011-05-18 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Bullish Engulfing Candle

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the AUDUSD is holding up so we must question whether or not price will reach the objective near 10400.” The AUDUSD reversed sharply yesterday and formed a bullish engulfing candle on the daily. The implications are for strength towards 10715. Trading above there would be an indication that a larger triangle or flat pattern is underway from the 11011 high. The indicator above combines the trend in interest rate differential and trend in price. High readings are bullish and low readings bearish. The current reading is at a level consistent with price lows. In the event of a sharp drop – the measured level at 10413 should be watched for support.

Support/Resistance Index (M,W,D) – (1), 0, 1

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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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