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Australian Dollar 10710 Serves as Pivot

Australian Dollar 10710 Serves as Pivot

2011-05-24 12:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar 10710 Serves as Pivot

Prepared by Jamie Saettele, CMT

The AUDUSD has dropped beneath 10500 therefore rendering the triangle interpretation invalid. At the point, the advance to 10710 may be an X wave in a larger more complex correction. Weakness should extend to at least 10400 (61.8% extension and former pivot level) under this interpretation. 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. An alternate treats the decline from 11011 as a leading diagonal (either an A or 1st wave).

Support/Resistance Index (M,W,D) – (2), (2), (3)

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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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