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Australian Dollar Reversal Opportunity below Monday High

Australian Dollar Reversal Opportunity below Monday High

2012-01-24 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Reversal Opportunity below Monday High

Prepared by Jamie Saettele, CMT

The AUDUSD has reversed (for now at least) from the 100% extension of the rally from 9861 (2 equal legs). The drop below Monday’s low triggered a bearish bias and price has rallied to meet resistance at 10480 (resistance zone extends to 10515). A bearish bias is valid against 10575 and bears should target 10350/85 (trendline support is in this zone Wednesday). Exceeding 10575 shifts focus to 10650.

Bottom Line – short against 10580, target 10350

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