AUDUSD Early March Pattern Same as Early Feb in Form
240 Minute Bars
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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