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AUDUSD Former Base Channel in Focus above 9800

AUDUSD Former Base Channel in Focus above 9800

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Former Base Channel in Focus above 9800

Prepared by Jamie Saettele, CMT

Futures volume on Friday indicates short term exhaustion of the bear move and is evidence that a much anticipated corrective rally may be underway. As for levels, 9800-9900 remains a resistance zone but watch the Elliott channel if price holds Friday’s low. 9900 intersects with the channel next week. The 20 day average is in the middle of the 9800-9900 zone (9847 right now).

LEVELS: 9580 9627 9690 9795 9900 9935

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

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