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Australian Dollar Breaks Elliott Channel-Focus on 10760/10800

Australian Dollar Breaks Elliott Channel-Focus on 10760/10800

2011-08-02 15:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Breaks Elliott Channel-Focus on 10760/10800

Prepared by Jamie Saettele, CMT

The AUDUSD has dropped below the Elliott channel and 100% extension of the decline, suggesting that a 4th wave is not underway. One alternate scenario to consider is a diagonal scenario from 10390. In any case, the next support is 10758/10800 (61.8% and former resistance).

Trend Strength (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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