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Australian Dollar Rally Stalls at Channel

Australian Dollar Rally Stalls at Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_AUDUSD.png, Australian Dollar Rally Stalls at Channel

Prepared by Jamie Saettele, CMT

The AUDUSD (like all USD pairs) rally stalled at channel resistance weakness ensued during the US session. The pattern from the 1/24 low is probably unfolding in 5 waves. As such, another high (above 10687) is expected. A test of the October high at 10752 cannot be dismissed either. Support for Friday is 10590 and 10540.

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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