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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Rally is Corrective – Short Position Sought

Prepared by Jamie Saettele, CMT

I wrote yesterday that “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.” Elliott channel resistance intersects with former resistance at 10380 today, which is an area I like selling into if reached. Shorts are favored against the Monday high (10440).

Trend Strength (M,W,D) – 1, 0, (1)

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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.