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AUDUSD 9800 Has Been a Pivot for the last 2 Weeks

AUDUSD 9800 Has Been a Pivot for the last 2 Weeks

2012-05-29 20:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD 9800 Has Been a Pivot for the last 2 Weeks

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 of 9800 held today (on several occasions). Failure to hold 9800 could see support from 9770. 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 9800 9900 9934 9965 10020

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