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Australian Dollar Bull Leg Nearing Completion

Australian Dollar Bull Leg Nearing Completion

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Bull Leg Nearing Completion

Prepared by Jamie Saettele, CMT

An AUDUSD top in what I am treating as wave D of a triangle (for now) is either in place or will be with one more high. Shorting at monthly and weekly highs is not a high probability play and short term structure does favor one more high so watch for resistance from the trendline (at 10465 Wednesday), the psychological 10500 and the Fibo extension at 10577. A drop below 10253 would trigger the bearish bias towards 9860-10045.

Bottom Line – flat

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