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AUDUSD Trades to Weekly and 20 Day High

AUDUSD Trades to Weekly and 20 Day High

2012-06-14 22:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Trades to Weekly and 20 Day High

Prepared by Jamie Saettele, CMT

The Sunday night high gave way late in the day therefore focus shifts higher to the underside of the trendline that extends off of the 2010 and 2011 lows at about 10060 this week measured objectives at 10080 (61.8% extension) and 10220/40. It does appear that a bullish triangle that began on 6/7 ended at the low in Europe on Thursday. The thing about triangles is that they are terminal and the break to a new high satisfies the MINIMUM requirements for a C wave terminal thrust. If the move extends, then the 10220/40 area is of particular interest as this represents the 100% extension of the rally from the low, 50% retracement of decline from 10856, and April low. Parity and 9965 are now viewed as supports.

LEVELS: 9920 9970 10000 10085 10140 10215

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