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Australian Dollar Threatens Channel Resistance Yet Again

Australian Dollar Threatens Channel Resistance Yet Again

2011-10-19 14:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Threatens Channel Resistance Yet Again

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. Still, weakness has been difficult to come by in this market in October so a move through the Monday high should be respected. Focus would shift to 10481.

Trend Strength (M,W,D) – (1), 0, 1

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