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Australian Dollar Testing December High

Australian Dollar Testing December High

2012-01-03 18:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Testing December High

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). The AUDUSD is currently testing the December high and the 200 day average looms just above 10400, so a pullback isn’t out of the question. Support is 10310/30 and risk on longs can be moved to 10200.

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