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Australian Dollar Range Takes Hold

Australian Dollar Range Takes Hold

2012-02-15 05:12:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Range Takes Hold

Prepared by Jamie Saettele, CMT

The AUDUSD decline may still compose a corrective 4th wave. I wrote yesterday that “there is room for weakness towards channel support and the 20 day average.” The 20 day average continues to hold and channel support is at about 10633 today (Thursday). I am sticking with the 4th wave correction scenario but am moving risk up to 10625.

Bottom Line – Long, stop 10625, target open

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