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AUDUSD Resistance Expected above 9900

AUDUSD Resistance Expected above 9900

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Resistance Expected above 9900

Prepared by Jamie Saettele, CMT

Thegap left open from 11/28/11 at 9773 has been filled and given way to an AUDUSD correction. Near term support is 9815 and resistance is expected in the 9935/65 region. Having bounced nearly 200 pips from the low, medium term players should be looking to short above 9900. Shorter term nimble traders may wish to trade from the long side towards the mentioned levels.

LEVELS: 9387 9660 9890 9934 9965 10020

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