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Australian Dollar Rallies off of Trendline Support

Australian Dollar Rallies off of Trendline Support

2012-01-10 23:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Rallies off of Trendline Support

Prepared by Jamie Saettele, CMT

The line in the sand for bears is the 1/3 high at 10385. Exceeding that level would shift focus higher towards 10446 (11/3 high) and 10579 (100% extension of 9663-10379 rally) in what may be wave D of a triangle from the 2011 high. Support is now 10245/80.

Bottom Line – short, stop and reverse at 10385

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