Australian Dollar Already Closing in on 61.8% Retracement
Prepared by Jamie Saettele, CMT
The AUDUSD made a weekly key reversal last week. This was the first bullish reversal since May 2010! Unfortunately, the uninterrupted nature of the rally has afforded very small windows to get long without taking on increased risk. In any case, price has reached former supports just below 10200 and the 61.8% retracement of the decline from 10764 is at 10238. The area surrounding 10100 and parity are supports. I think the best bet is to expect a reaction from the current level (10200ish) lower into mentioned supports before additional strength towards 10400. 9865 (last night’s low) will serve as the pivot.
Trend Strength (M,W,D) – (1), (1), 0
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