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AUDUSD Pierces 10420

AUDUSD Pierces 10420

2012-03-21 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Pierces 10420

Prepared by Jamie Saettele, CMT

The AUDUSD pierced its previous week’s low (10422) today before recovering to finish near 10450. Short term pattern is unclear BUT trend indicators are starting to turn bearish. The 20 day average exhibits negative slope, and is on the verge of crossing the 50 day average. It would be foolish to dismiss this bearish evidence. In fact, I’m paying attention to it since the anticipated 5 wave rally has failed to materialize. Resistance is 10480 and 10530. A break targets 10350.

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

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