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Australian Dollar 9775 Still a Level of Interest

Australian Dollar 9775 Still a Level of Interest

2011-12-19 15:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar 9775 Still a Level of Interest

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. Watch the NZDUSD with the AUDUSD this week. A new low in AUDUSD (below 9861) without a new low in NZDUSD would indicate a divergence typically seen at turns.

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