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AUDUSD Outside Day Reversal at Trendline

AUDUSD Outside Day Reversal at Trendline

2012-08-01 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Outside Day Reversal at Trendline

Prepared by Jamie Saettele, CMT

The expected short term top appears to be in place. The structure of the decline from Wednesday’s high will determine if we can call it a longer term top. For now, stick with the recent interpretation. “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 10420 10478 10502 10542

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