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AUDUSD Resistance Extends Close to 10700

AUDUSD Resistance Extends Close to 10700

2012-08-06 20:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Resistance Extends Close to 10700

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 top is expected close to nearby levels as resistance extends close to 10700. The implications are for the next leg of the triangle to bring price back below parity.

LEVELS: 10435 10495 10535 10597 10670 10715

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