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AUDUSD Bulls Rejected at 9800

AUDUSD Bulls Rejected at 9800

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Bulls Rejected at 9800

Prepared by Jamie Saettele, CMT

The first level of resistance cited in recent days of 9800 has been reached and defended well by bears. Everything mentioned yesterday (high Friday volume in futures for example) remains valid and additional sideways trading can’t be ruled out of course (perhaps down to 12350 or even 12290 before another leg up) but the trend is down and we need to take our shots when they present themselves. With this in mind, favor shorts against Tuesday’s high. 9670 is potential support. 9580 becomes of interest of course as does the 2011 low at 9387 in the event of another leg lower.

LEVELS: 9580 9627 9690 9800 9900 9935

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