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AUDUSD November Low in Focus at 9663

AUDUSD November Low in Focus at 9663

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD November Low in Focus at 9663

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 gap left open from 11/28/11 at 9773 and the November low at 9663 as long as price is below 9934. Exceeding 9934 would suggest a larger retracement of the decline from 10473 is underway towards 10020.

LEVELS: 10110 10109 10020 9967 9934 9773 9663

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