Australian Dollar Threatens Trendline Resistance
Prepared by Jamie Saettele, CMT
There are several interpretations of wave structure from the July high (including a bullish triangle and bearish triangle as wave B from the October low) but most point higher over the next few weeks towards 10575 (100% extension of rally from 9663). Exceeding 10220 would inspire confidence in an upside bias. Until then, we could see a dip below 10045. 9860 remains the key level for bulls. 10100 is short term support.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.