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Australian Dollar Forms Inside Day at Resistance

Australian Dollar Forms Inside Day at Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Forms Inside Day at 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). These counts suggest higher prices towards 10510/75 (trendline and Fibonacci extension) before the AUDUSD turns lower. Today’s inside day at lofty levels does warn of a near term turn lower. Supports for Thursday are 10300 and 10275 and pattern is constructive above 10200. Coming under 10200 would shift focus to 10040.

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