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AUDUSD Slips Under 2 Year Trendline

AUDUSD Slips Under 2 Year Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Slips Under 2 Year Trendline

Prepared by Jamie Saettele, CMT

The AUDUSD has slipped below the trendline that extends off of the May 2010 and October 2011 lows as well as the downward sloping channel that defines the trend since the February top. Focus is on the December 2011 low at 9860 (in line with the July 2008 top at 9849) as long as price is below Monday’s 10034 high (stops moved down to 10040 today). 10000/20 is resistance. Exceeding 10034 would suggest a larger retracement of the decline from 10473 is underway towards 10080-10110.

LEVELS: 10225 10143 10110 10080 100349860

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