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Australian Dollar Focus is on 10400 and 10200

Australian Dollar Focus is on 10400 and 10200

2011-05-23 14:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Focus is on 10400 and 10200

Prepared by Jamie Saettele, CMT

The AUDUSD has dropped beneath 10500 therefore rendering the triangle interpretation invalid. At the point, the advance to 10710 is probably an X wave in a larger more complex correction. Weakness should extend to at least 10400 (61.8% extension and former pivot level). 10200 is the 100% extension and 61.8% retracement and intersects with channel support later this week. 10565 and 10610 are short term resistance levels.

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