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Australian Dollar 20 day Average Pinpoints Overnight Low

Australian Dollar 20 day Average Pinpoints Overnight Low

2011-12-09 16:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar 20 day Average Pinpoints Overnight Low

Prepared by Jamie Saettele, CMT

The structure of the decline from this morning’s high will give us an idea as to the larger trend. At this point, the best bet is a triangle or flat from the October low (with the current rally from the November low as wave C). Having held the 20 day average overnight, focus is on resistance at 10230-70. Yesterday’s key reversal ahead of the 200 day average is enough evidence for me to be bearish on rallies, targeting the trendline that extends off of the October and November lows near 9800 next week. Exceeding 10380 would shift focus to 10450 (early November pivots) and the trendline near 10500.

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