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Australian Dollar Threatens Trendline Resistance

Australian Dollar Threatens Trendline Resistance

2011-12-30 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, 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.

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