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AUDUSD Reacts off of July Trendline

AUDUSD Reacts off of July Trendline

2012-07-31 19:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Reacts off of July Trendline

Prepared by Jamie Saettele, CMT

The swings since the 2011 high compose a triangle. The NZDUSD pattern makes it more likely though that the triangle is not bullish but rather forming from the October 2011 low as wave B within an A-B-C decline from the 2011 high. A series of zigzags is underway from the 6/1 low. The implications are for a retracement of the advance from 10172 before a run at and top near 10600. Retracement levels range from 10250 to 10340 with 10380 as interim support.

LEVELS: 10345 10383 10449 10520 10557 10600

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