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AUDUSD Rally is 2nd Largest in 2012

AUDUSD Rally is 2nd Largest in 2012

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Rally is 2nd Largest in 2012

Prepared by Jamie Saettele, CMT

The AUDUSD rally today was the 2nd largest of 2012 (today’s 1.37% advance was 2nd to the 1/3 advance of 1.42%). The day ended with price right at the underside of the former support line and just shy of the April high (10464). From a risk standpoint, 10464 is the bearish line in the sand for me. Exceeding that level would shift focus to former supports at 10509 and 10597. 10375-10400 is short term support tonight

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

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