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Australian Dollar Top Possibly in Place Shy of 10800

Australian Dollar Top Possibly in Place Shy of 10800

2011-09-05 13:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Top Possibly in Place Shy of 10800

Prepared by Jamie Saettele, CMT

An AUDUSD high may be in place as price has declined beneath the short term Elliott channel. More importantly, the decline from 10764 is impulsive (5 waves). Near term resistance is 10625. The implications from the above count are bearish as the next AUDUSD bear leg would result in a break below 9928.

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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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