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Australian Dollar Resistance Expected in Mid 10200s

Australian Dollar Resistance Expected in Mid 10200s

2011-10-18 15:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Resistance Expected in Mid 10200s

Prepared by Jamie Saettele, CMT

The AUDUSD Monday high closed the gap (10356) that was left open from the 9/18 Sunday open. This fact, combined with the confluence of resistance from 10350-10400 (channel line, 200 day average) favors a bearish bias from the current level. Near term resistance is 10230/60 and supports over the next week are 10015 and 9880. The reward/risk balance favors the short side. I like selling rallies into the mentioned resistance levels.

Trend Strength (M,W,D) – (1), 0, 1

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