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Australian Dollar Completing Corrective Bounce-10762 is Key

Australian Dollar Completing Corrective Bounce-10762 is Key

2011-09-08 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

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

Prepared by Jamie Saettele, CMT

The AUDUSD has been relentless in its rise since the August low with dips being quickly retraced. Bearish potential remains with price under 10764. A move above would signal in all likelihood that the AUDUSD is headed to new highs (above 11080). Still, the weekly screams top. Divergence with RSI at the top combined with a hanging man monthly candle and large range bar is a combination that one would think proves reliable (notice that a right shoulder may be forming as well).

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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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