Australian Dollar Rallies off of Trendline Support
240 Minute Bars
Prepared by Jamie Saettele, CMT
A trendline off of the December lows has held up the AUDUSD but this bounce is viewed as an opportunity to short against 10385. Resistance for Tuesday is 10270-10300 and levels of interest on the downside are the 20 day average at 10125 and the 12/29 low at 10044. There are several valid wave counts including a flat from 10380 (objective is under 9863). Additional technical research can be found at DailyFX.com.
Bottom Line – Short against 10385, targets 10040, 9860
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