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AUDUSD Stalls Shy of 10370 Fibonacci Confluence

AUDUSD Stalls Shy of 10370 Fibonacci Confluence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Stalls Shy of 10370 Fibonacci Confluence

Prepared by Jamie Saettele, CMT

“The AUDUSD is 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.” Volume on CME this morning is consistent with a turn.

LEVELS: 10075 10125 10210 10330 10370 10470

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

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