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Australian Dollar Consolidates-Support at 10615 and 10565

Australian Dollar Consolidates-Support at 10615 and 10565

2011-05-20 14:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Consolidates-Support at 10615 and 10565

Prepared by Jamie Saettele, CMT

Continue to look higher towards 10715. Trading above there would be an indication that a larger triangle or flat pattern is underway from the 11011 high. I showed my JSINT indicator this week (combination of interest rate and price trend). The current reading is at a level consistent with price lows. With a triangle or flat underway, I expect range trading to take hold over the next few weeks and perhaps months.

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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