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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 declined into the US open before reversing to end the day down .5%. Interestingly, the .5% decline is the second largest daily decline for January (behind 1/5). It is too early to say with confidence that a larger correction of the bull move from the December low is complete but reward/risk favors the downside towards the confluence of the 20 day average, 200 day average and channel support at 10410/25. Exceeding 10653 would shift focus to the October high at 10752.

Bottom Line – flat

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