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Australian Dollar Consolidates at Top of Range

Australian Dollar Consolidates at Top of Range

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_AUDUSD.png, Australian Dollar Consolidates at Top of Range

Prepared by Jamie Saettele, CMT

The AUDUSD carved out a small inside day Wednesday in it smallest non-holiday range since July. The small range is testament to the complacency that has gripped markets in recent weeks. Still, price may be a few hundred pips away from a turn. “The short term line in the sand for AUDUSD bears remains 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 10230/60.

Bottom Line – short, stop and reverse at 10385

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