Australian Dollar Focus Still on 10100s but Correction May Begin
300 Minute Bars
Prepared by Jamie Saettele, CMT
This latest bout of AUDUSD weakness may compose wave iii within a 5 wave decline from the September high. Near term weakness may extend to the August pivot at 10110 but there is now the possibility of consolidation in wave iv back into 10300-10400. Such a rally would present the next bearish opportunity.
Trend Strength (M,W,D) – 1, 0, (1)
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 firstname.lastname@example.org.
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