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Australian Dollar Triangle Pattern a Possibility

Australian Dollar Triangle Pattern a Possibility

2011-09-29 15:24:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Triangle Pattern a Possibility

Prepared by Jamie Saettele, CMT

Despite the rally from 9620, the 4th wave interpretation remains favored. Moves since the low (9620) are in 3 waves (see NZDUSD-same pattern), which is suggestive of a triangle pattern or flat. In the case of a triangle, the recent range would tighten before price breaks to a new low. Bearish objectives remain 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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