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Australian Dollar Channel Support Below 10600

Australian Dollar Channel Support Below 10600

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Channel Support Below 10600

Prepared by Jamie Saettele, CMT

“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.” Yesterday’s doji may signal that a decline (although probably in a 4th wave) is about to commence. 10690 remains probable support. The Elliott channel is at 10560 Friday and 10580 Monday.

Bottom Line – flat

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