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AUDUSD Doji at 200 Day Average

AUDUSD Doji at 200 Day Average

2012-03-29 23:35:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Doji at 200 Day Average

Prepared by Jamie Saettele, CMT

The AUDUSD closed unchanged on Thursday after trading to a fresh 20 day low. The action leaves a doji at the all-important 200 day average and trendline that extends off of the October and November lows. Combine this with what may be a completed 5 wave advance from 10855 (wave 5 as a diagonal) and the market may be primed for a ‘short covering’ rally back to 10600 or higher…before an April plunge. There are other valid more immediate bearish counts of course and 10430, 10500 are expected resistance ahead of 10550 but one should always keep abreast of what could go wrong. I favor selling rallies into 10430//60/90 with a stop above 10550. Use stops lest you get caught in a 2nd wave correction back to 10650. Eventual bearish objectives are 10220 and 10145.

Bottom Line (next 5 days) – sideways/lower

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.