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Australian Dollar Finds Support at August Pivot

Australian Dollar Finds Support at August Pivot

2011-09-13 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Finds Support at August Pivot

Prepared by Jamie Saettele, CMT

The AUDUSD is at a crossroads as price is in the middle of its recent range. Having bounced from the mid August pivot low, lightening up on bearish positions is suggested. A more bearish outcome is possible as long as price is below 10662. One alternate possibility is presented above in which the decline from 10762 is wave x. The implications would be for a move above 10762.

Trend Strength (M,W,D) – 1, 0, 0

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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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