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Australian Dollar Completing Corrective Bounce-10762 is Key

Australian Dollar Completing Corrective Bounce-10762 is Key

2011-09-07 15:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Completing Corrective Bounce-10762 is Key

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” The AUDUSD has retested the spike high and filled the gap that was left open Sunday night in the process. Given the 3 wave rally from the August low and impulsive decline from 10762, I am bearish.

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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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