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AUDUSD Daily Key Reversal

AUDUSD Daily Key Reversal

2012-03-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Daily Key Reversal

Prepared by Jamie Saettele, CMT

“The 4th wave interpretation remains valid so a sharp reversal is possible from near current levels.” The sharp reversal occurred and a daily key reversal was formed in the process. Short term AUDUSD supports are 10500 and 10470. The next few days are vulnerable to choppy conditions, if for no other reason than to clear a market saturated with weak hands that chased US session strength (on Thursday). If the presented count is correct however, then this is one the best buying opportunities of the year. KEEP RISK TO 10420 as failure of the bullish structure would probably trigger sharp losses.

Bottom Line (next 5 days) – sideways / higher

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