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AUDUSD Key Level is 10575

AUDUSD Key Level is 10575

2012-03-12 20:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Key Level is 10575

Prepared by Jamie Saettele, CMT

I wrote Friday that “we must respect additional upside in the AUDUSD as far as the bigger picture is concerned. Near term, I’m looking lower on balancefor the month towards 10410/50 in what may be a 4th wave correction.” The AUDUSD traded below 10509 briefly this morning before finding bottom at 10473. Use Monday’s high as the pivot. In other words, a drop to the low 10400s or even channel support below 10400 is possible as long as price is below 10575. Exceeding 10575 would suggest that a low is in place.

Bottom Line (next 5 days) – bottoming?

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