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Australian Dollar Focus on August Lows Near 10400 and 10300

Australian Dollar Focus on August Lows Near 10400 and 10300

2011-09-06 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Focus on August Lows Near 10400 and 10300

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.” Last night’s spike reversed right at the gap from Sunday night and 50% retracement of the decline from 10762. Look lower towards 10417 and 10315 this week. Resistance remains just above last night’s high of 10627 (don’t dismiss potential for a retest of that level as per the short term NZDUSD count). A longer term bearish objective is in the mid 90s.

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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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