Australian Dollar Finds Interim Low – Correction Could Exceed 10400
Prepared by Jamie Saettele, CMT
I wrote yesterday that “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.” Objectives at 10110 and 10030 were not met and the rally from the low is constructive. Expectations over the next several days are for a correction of the decline from 10763 to unfold. Resistance is 10390 and 10450-10525 (50%-61.8% Fibonacci).
Trend Strength (M,W,D) – 1, (1), (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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