AUDUSD Creeps into Late April and Early May Levels
Prepared by Jamie Saettele, CMT
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). Price is now at early May highs 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. Daily RSI highlights the importance of the next move.
LEVELS: 10075 10125 10210 10300 10370/80 10400
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