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AUDUSD 20 Day Average Turns Back Bulls

AUDUSD 20 Day Average Turns Back Bulls

2012-03-19 20:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD 20 Day Average Turns Back Bulls

Prepared by Jamie Saettele, CMT

If the interpretation of wave structure is correct, then the AUDUSD is headed for a break above 10856 in the coming weeks. An objective is ABOVE the record free floating high of 11080 at 1.1160, which is the 61.8% extension of waves 1 through 3 (from the end of wave 4). The objective intersects with the Elliott channel in mid April. Near term, a return to 10555 or even 10510 cannot be ruled out in 2nd wave correction. Manage risk accordingly.

Bottom Line (next 5 days) – sideways / higher

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