Australian Dollar Hits 200 day Average – Downside Favored
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.” Resistance has been hit near 10400, which is defined by the 200 day average and Tuesday’s high. The key level for bears is 10481. If an impulse is underway from 10763, then this level should not be reached. The objective is below this week’s low – the 8/11 pivot low at 10113 is of interest.
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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