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Australian Dollar at Channel Resistance-Probes October High

Australian Dollar at Channel Resistance-Probes October High

2012-02-01 23:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar at Channel Resistance-Probes October High

Prepared by Jamie Saettele, CMT

“Price pattern is constructive above Monday’s low (10525). A drop under there would shift focus to channel support and the 20 day average near 10440. Until then, respect the potential for a run at the October high (10752).” The AUDUSD reached 10740 today and focus remains higher as long as price is above 10569. A drop under there triggers a reversal towards 10425/50.

Bottom Line – flat

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