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AUDUSD Rallies into Resistance from Friday High

AUDUSD Rallies into Resistance from Friday High

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minutes Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Rallies into Resistance from Friday High

Prepared by Jamie Saettele, CMT

“I’d like to think that a top is in place given the level that the AUDUSD reversed from (April low, 50% retracement of decline from February high, 100% extension of rally from 9580 and 13 week average) but I’m also aware of the arduous topping process common to the AUDUSD (and NZDUSD). In any case, I am bearish even in the event of a new high. A new high would probably be minimal and downside potential is far greater.” The impulsive nature of the decline from the 6/20 high confirms that a top is in for at least a deeper setback of the advance from 9580. I wrote yesterday that “it’s unclear whether or not price declines from above or below Monday’s high. In summary, I am bearish but would view a pop into 10075-10130 as a gift to increase short exposure. 9920 and 9820 are of interest on the downside now.” Strength could extend into 10130 but reward/risk is favorable against 10225 even at the current level. Each tick higher increases reward/risk for bears.

LEVELS: 9820 9920 9970 10085 10130 10160

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