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Australian Dollar Rockets into 9880 – Support at 9750

Australian Dollar Rockets into 9880 – Support at 9750

2011-10-07 14:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Rockets into 9880 – Support at 9750

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.” Price has already reached 9880! Resistance at this former pivot is reinforced by a short term channel. A reaction lower encounters support at 9745 and 9670.

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

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