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Australian Dollar Bearish Objective is 9775

Australian Dollar Bearish Objective is 9775

2011-12-14 16:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Bearish Objective is 9775

Prepared by Jamie Saettele, CMT

The best bet for AUDUSD is a triangle or flat from the October low (with the current rally from the November low as wave C). Last week’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. The bearish bias level can be moved down to 10165 and resistance is now 9980 and 10050.

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