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Australian Dollar Breaks through 10710 Pivot

Australian Dollar Breaks through 10710 Pivot

2011-05-27 13:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Breaks through 10710 Pivot

Prepared by Jamie Saettele, CMT

The slow grinding decline in the AUDUSD is viewed as wave A (leading diagonal or wedge to classical technicians). Expect strength into the 61.8% retracement (10793) over the next week or so before a sharper C wave decline tests former resistance near 10200/50. 10610 is short term support.

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