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Australian Dollar Channel at 10600

Australian Dollar Channel at 10600

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Channel at 10600

Prepared by Jamie Saettele, CMT

The AUDUSD decline, although sharp, is viewed as a corrective 4th wave. Price has held former resistance at 10640 (from 1/31) and the decline is in 3 waves. Still, there is room for weakness towards channel support (10600 Tuesday) and the 20 day average (10640 on Tuesday). Expectations are for bulls to take back control and propel price to a new high (above 10844) in order to complete the 5 wave structure from the December low. A cluster of Fibonacci objectives come in near the July high at 11080.

Bottom Line – flat

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