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Australian Dollar Daily Key Reversal

Australian Dollar Daily Key Reversal

2012-02-29 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Daily Key Reversal

Prepared by Jamie Saettele, CMT

After trading to its highest level since August 2nd, the AUDUSD reversed sharply and carved out a key reversal in the process. Pattern remains constructive above the Monday low of 10650 and price is holding its 20 day average now but the key reversal (especially coming at the beginning of the month) significantly decreases confidence in the short term bullish case (a still bullish but delayed count is shown above). The very short term wave pattern also has bearish implications. Resistance is up to 10800.

Bottom Line – sideways / lower?

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