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AUDUSD Early March Pattern Same as Early Feb in Form

AUDUSD Early March Pattern Same as Early Feb in Form

2012-03-08 00:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Early March Pattern Same as Early Feb in Form

Prepared by Jamie Saettele, CMT

Late February / early March action in the AUDUSD is strikingly similar to early February action. Both drops consist of 3 waves and were followed by sharp rallies off of the lows. The current swings are one degree larger. Currently in ‘no man’s land’, resistance is 10690-10715 and support is 10590. The suggestion from the comparison is that price is vulnerable to violent swings in both directions, perhaps even a test of the recent low (and maybe the sought after 10450). As long as Monday’s high is in place (10743), I favor a test of the low.

Bottom Line (next 5 days) – sideways / down?

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