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Australian Dollar Breaks Through September High

Australian Dollar Breaks Through September High

2012-02-07 23:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Breaks Through September High

Prepared by Jamie Saettele, CMT

The AUDUSD continues to advance and has cleanly broken through the September high. Upside levels of interest are 10865, 10900, and the record high above 11000. Support for Wednesday is 10740/60. At some point, this incredibly consistent advance will be interrupted by a sharp decline. Trying to predict when that decline will occur is a fool’s game. Rather, wait for the decline and align with the larger bull move. 10690 is likely support in the event of a larger sell off.

Bottom Line – flat

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