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Australian Dollar Marks Time – 10600 Defines Short Term Trend

Australian Dollar Marks Time – 10600 Defines Short Term Trend

2011-08-24 14:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Marks Time – 10600 Defines Short Term Trend

Prepared by Jamie Saettele, CMT

“I expect a test of the recent low of 9928 and potentially extended weakness towards 9500. This next drop is expected to give way to a more important low that holds for at least several months. Of note is the intersection of the 100% extension and corrective channel at 9469 on 8/25. Price ideally stays below 10602.” Trading above 10600 would delay the bearish bias and shift focus to former congestion at 10680-10785. Until the AUDUSD shows its hand, there is little to say.

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Trend Strength (M,W,D) – 2, (1), 0

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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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