AUDUSD Risk on Shorts Moved Down to 10360

240 Minute Bars

Prepared by Jamie Saettele, CMT

Focus remains on the year to date low at 10145. A break below the channel that defines the move from the February high would suggest that a 3rd wave impulse is underway towards December pivots at 10043 and perhaps 9860 (161.8% extension is in the middle of those levels but I place more importance on prior pivots than Fibonacci). Risk on shorts can be moved to 10360 (Tuesday high). Resistance is now 10275-10300.

Bottom Line (next 5 days) – lower