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Australian Dollar Support Expected at 9600 and 9540

Australian Dollar Support Expected at 9600 and 9540

2011-10-06 15:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Support Expected at 9600 and 9540

Prepared by Jamie Saettele, CMT

The AUDUSD has reversed from 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). Short term structure is constructive, with the rally from the low unfolding in 5 waves. I favor buying dips. 9600 and 9540 are supports. Upside levels of interest are 9810, 9840, and 9880.

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

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