Australian Dollar Short Term Elliott Channel Near 10600
300 Minute Bars
Prepared by Jamie Saettele, CMT
My latest comments were that “I’m expecting a top in the 10730/85 area in early September. Trade until then may be choppy.” The AUDUSD has crawled higher the last few days but there is no sign that a top is in place. In fact, it appears that the last few subdivisions (waves 4 and 5) of the rally from the 8/19 low may need to unfold. The implications are for a drop into the channel line near 10600 before one final high is made.
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Trend Strength (M,W,D) – 1, 0, 1
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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