Australian Dollar Reverses Entire Rally – Focus is on 10110
Prepared by Jamie Saettele, CMT
I wrote Friday that “if an impulse is underway from 10763, then this level (10481) should not be reached. The objective is below this week’s low – the 8/11 pivot low at 10113 is of interest.” The entire Thursday-Friday advance has been retraced and focus is on the mentioned 8/11 low. Keep in mind that with 5 waves possibly nearing completion from 10763, the probability increases with each tick lower that a corrective advance will get underway towards 10400.
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 email@example.com.
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