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AUDUSD Reverses at Channel Resistance

AUDUSD Reverses at Channel Resistance

2012-06-07 23:45:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Reverses at Channel Resistance

Prepared by Jamie Saettele, CMT

Be sure to stay abreast of the current interpretation of wave structure in risk. The AUDUSD roared into channel resistance and traded to parity before reversing the gains in the US session. Like everything else, one final push may be in the cards before a sharper reversal either tomorrow or next week. I’m short from 9960 but would be willing to short more on a move into 10020 (5/9 low). I am bearish against 10142. The underside of the line that extends off of the 2010 and 2011 lows is at about 10045 on Friday. 9875 is near term support.

LEVELS: 9755 9800 9875 9930 9965 10020

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