Australian Dollar Test of Low Still Expected
300 Minute Bars
Prepared by Jamie Saettele, CMT
The decline from 11064 (truncation to that level) is an impulse and expectations are for a drop below 9927 before we see a more substantial recovery. I favor the idea that a secondary top is in place at 10412 as the decline from that level is an impulse (see 10 min chart) and the weekly high made Monday is at 10443 (Monday highs often accompanied by Friday lows). Exceeding 10443 would shift focus to 10525 and 10630 – levels at which I would be willing to attempt shorts again. An eventual low could form near the March low (9705) or 50% retracement of the rally from the 2010 low at 9575.
Trend Strength (M,W,D) – 2, (1), (2)
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 firstname.lastname@example.org.
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