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Australian Dollar Short Term Triangle a Possibility

Australian Dollar Short Term Triangle a Possibility

2011-12-06 16:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Short Term Triangle a Possibility

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. Last night’s decline found support just before the 12/1 low (10150). A triangle may be underway from the 11/30 high. If so, then expect a day or two more of range trading before price breaks through 10330. 10450 would be resistance. A drop below 10150 would negate the triangle and shift focus to 10090 and 9950.

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