Australian Dollar at 2011 Low – Big Supports Below
Prepared by Jamie Saettele, CMT
I wrote Wednesday that “the larger trend is down towards the August low at 9928. I prefer playing the downside for a bearish extension as long as price is below 10312.” The AUDUSD collapsed last week and the 2011 low (March) has been breached. Near term pattern favors additional downside, albeit allowing for some sideways trade below 9867. Bearish objectives are the November 2010 low at 9534 and the 2009-2010 double top at 9400.
Trend Strength (M,W,D) – 1, (2), (2)
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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