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Australian Dollar On the Verge of Testing May High

Australian Dollar On the Verge of Testing May High

2011-07-22 16:17:00
Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar On the Verge of Testing May High

Prepared by Jamie Saettele, CMT

“The bullish AUDUSD count in which the decline into 10390 completed a corrective 4th wave remains favored. The implications are for a 5th wave rally that ends above 11011.” The current AUDUSD rally is viewed as wave iii of 5. Interim resistance is at 10890-10923 (5/11 high and 100% extension) but strength above 11011 is favored over the next few weeks. 10800 is expected to provide short term support.

Trend Strength (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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