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Australian Dollar Support at 10080

Australian Dollar Support at 10080

2011-12-01 17:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Support at 10080

Prepared by Jamie Saettele, CMT

The AUDUSD hasn’t seen moves like this since the insanity that was late 2008 / early 2009 (that is not hyperbole, the AUDUSD rallied nearly 6% from Monday to Wednesday and the only time that has happened (3 day rally > 5%) is the late 2008 / early 2009 period). It is worth noting that the first several of those 5% moves in 2008 were blips in a larger downtrend. The current AUDUSD rally comes after a major trendline break and 13, 52 week SMA cross. The latter is acting as resistance. 10080 (former resistance and 20 day average) is now near term support. It is certainly worth noting the presence of a potential inverse head and shoulders since the August low.

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