Australian Dollar Headed Towards 10800??
Prepared by Jamie Saettele, CMT
With 10600 on the verge of giving way (currently 10570 as I type), we must consider higher levels. Congestion from early August at 10680 and 10785 is an area that may provide resistance. A Fibonacci extension at 10730 (61.8% extension of rally from the low) is in the middle of this zone.
Come See Me In Las Vegas!
Trend Strength (M,W,D) – 2, (1), 0
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.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.