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AUDUSD Bulls Turned Back at Trendline

AUDUSD Bulls Turned Back at Trendline

2012-03-27 00:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Bulls Turned Back at Trendline

Prepared by Jamie Saettele, CMT

Turnaround Tuesday was in full effect as most of Monday’s advance was retraced. The AUDUSD has significantly lagged equities throughout March. In fact, the AUDUSD has trended lower and adhered to trendline resistance throughout March yet the S&P 500 traded to a nearly 4 year high today. A lagging market is a market at risk. 10470/10500 is resistance and a drop under Monday’s low (10425) would warrant a bearish bias in anticipation of a break below 10336 towards former pivots at 10150-10200.

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

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