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AUDUSD Makes a Clean Break – Targets 9860

AUDUSD Makes a Clean Break – Targets 9860

2012-05-15 22:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Makes a Clean Break – Targets 9860

Prepared by Jamie Saettele, CMT

The AUDUSD has cleanly broken 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 10035.Also of interest is the gap left open from 11/28/11 at 9773. Exceeding 10034 would suggest a larger retracement of the decline from 10473 is underway towards 10080-10110.

LEVELS: 10225 10143 10110 10080 1003410020 9985 9900 9860 9790

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

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