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Australian Dollar Reaches Late September Highs

Australian Dollar Reaches Late September Highs

2011-10-11 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Reaches Late September Highs

Prepared by Jamie Saettele, CMT

The AUDUSD made a weekly key reversal last week. This was the first bullish reversal since May 2010! Yesterday’s holiday rally sent price into the former 4th wave (9985), which tend to act as resistance. The rally from the low (9385) is literally a straight line and important lows tend to have more of a base building aspect to their formation. This means that we should expect consolidation of the recent rally to begin soon. In fact, the October 2008 and May 2010 lows saw their weekly key reversals nearly entirely retraced before the larger sustainable advances got underway. Support is 9700/35.

Trend Strength (M,W,D) – (1), (1), 0

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