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AUDUSD Short Term Focus Still on Trendline at 9975

AUDUSD Short Term Focus Still on Trendline at 9975

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Short Term Focus Still on Trendline at 9975

Prepared by Jamie Saettele, CMT

I’m looking towards the trendline that extends off of the May 2010 and October 2011 lows. The line is at about 9975 Friday. Another level of interest is the December 2011 low at 9860 (in line with the July 2008 top at 9849). 10165 is resistance and the most aggressive short term count is bearish against Monday’s 10218 high. Exceeding that level exposes 10225. The longer term trend is bearish against the May high (10475).

LEVELS: 1047510300 10225 10165 9975 9860

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