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AUDUSD Holds Trendline but 10330 Remains Key Level

AUDUSD Holds Trendline but 10330 Remains Key Level

2012-07-12 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Holds Trendline but 10330 Remains Key Level

Prepared by Jamie Saettele, CMT

“Equities have traded lower for 5 days yet the AUDUSD has held up. Such action is not bearish but I stand by the bearish implications from the ‘5 down, 3 up from 10328’. As long as price is below 10328, I am looking lower towards 10125 and parity.” Risk for swing traders can be moved down to 10285. 10125 was reached and focus is now on the 6/25 low at 9968. The corrective channel and 100% extension of the decline from 10328 are holding but that is not enough of a reason to abandon the larger bearish bias. Bigger picture information, such as RSI failing before 70 on the daily and near 50 on the weekly, makes turning bullish a risky proposition in my opinion.

LEVELS: 9900 9965 10090 10150 10200 10240

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