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AUDUSD Begins Second Half at Same Level as First Half

AUDUSD Begins Second Half at Same Level as First Half

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Begins Second Half at Same Level as First Half

Prepared by Jamie Saettele, CMT

Friday’s advance sent the AUDUSD to its highest level since 5/3. In fact, the AUDUSD finished the first half of 2012 at nearly the exact same levels as it began 2012 (first day of year close was 10232 and Friday’s close was 10240). The AUDUSD is testing resistance now from the 240 day average (about 1 year of trading) and April low but resistance extends to the 61.8% retracement of the decline at 10368. The 61.8% extension of the 9580-10224 rally from 9968 is at 10366 and the 12/8/11 high is just above at 10379. In other words, expect a reaction off of 10370/80 if reached. I’m on the lookout for a top and reversal.

LEVELS: 10075 10125 10200 10300 10370/80 10400

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