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Australian Dollar 10030 is Critical to Short Term Bear Pattern

Australian Dollar 10030 is Critical to Short Term Bear Pattern

2011-12-16 16:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar 10030 is Critical to Short Term Bear Pattern

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). Near term, a test of the gap from the 11/28 open (and trendline) is still favored in the 9775-9800 area as long as price is below 10030. A larger rally is then expected to commence and eventually exceed 10377. So I remain bearish but do expect to turn bullish next week.

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