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Australian Dollar Reverses at Former Low – Look Lower

Australian Dollar Reverses at Former Low – Look Lower

2011-09-28 14:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Reverses at Former Low – Look Lower

Prepared by Jamie Saettele, CMT

I remain of the persuasion that the AUDUSD is headed lower. In fact, the rally from 9620 fits as a 4th wave within the decline from 10764. Bearish objectives are the November 2010 low at 9534 and the 2009-2010 double top at 9400. This larger bearish count is valid against 10180. Interim support comes in at 9775-9800.

Trend Strength (M,W,D) – 1, (2), (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 and follow hom on Twitter @JamieSaettele.

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