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Australian Dollar Short Term Topping Pattern

Australian Dollar Short Term Topping Pattern

2012-02-06 23:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Short Term Topping Pattern

Prepared by Jamie Saettele, CMT

After slightly exceeding the September high on Friday, the AUDUSD has drifted lower and a short term head and shoulders is visible. RBA is at 10:30 pm EST so expect a resolution to the short term pattern. A drop below 10671 would shift focus to 10640 and 10600. The 20 day average and channel support come in at 10515/35 on Tuesday (the channel increases about 20 pips per day) in the event of an extreme negative reaction.

Bottom Line – flat

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