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Australian Dollar Reaches Channel and Previous Double Top

Australian Dollar Reaches Channel and Previous Double Top

2011-10-04 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Reaches Channel and Previous Double Top

Prepared by Jamie Saettele, CMT

The AUDUSD has reached the long cited bearish target of 9400 and the channel that defines the trend from the July top. To review, 9400 is the 2009-2010 double top (2009 was slightly above 9400 and 2010 was slightly below). One would expect a bounce at minimum to materialize from here. Resistance is 9540 and 9590.

Trend Strength (M,W,D) – (1), (2), (2)

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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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