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Australian Dollar Sideways Trend Remains For Now

Australian Dollar Sideways Trend Remains For Now

2012-01-12 19:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Sideways Trend Remains For Now

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 – Flat

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