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Australian Dollar Pressing Friday High

Australian Dollar Pressing Friday High

2011-12-05 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Pressing Friday High

Prepared by Jamie Saettele, CMT

Both the rally from the October low and subsequent decline into November are corrective, which has me thinking that a triangle or flat is underway. If a flat, then price would eventually exceed 10750. If a triangle, then the range will tighten from here. Resistance is 10445 and support 10090 and 9950. The NFP spike this morning is as good a time and place as any for at least a near term top.

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