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Australian Dollar Test of 9800 Expected

Australian Dollar Test of 9800 Expected

2011-12-15 16:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Test of 9800 Expected

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 from 9980 (former support) and a short term channel should hold on the way to 9775 (support line and post Thanksgiving gap).

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