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Australian Dollar Rally Stalls at Channel

Australian Dollar Rally Stalls at Channel

2012-01-26 23:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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

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