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AUDUSD Pattern PRE Employment Data

AUDUSD Pattern PRE Employment Data

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Pattern PRE Employment Data

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 may be in place but exceeding 10603 would shift focus towards trendline resistance just shy of 10700. The next leg of the triangle should bring price back below parity. I’ve highlighted RSI in order to show the inability of the indicator to extend above 70 at the most recent top. This is often a warning sign. Information is sufficient at the current juncture to warrant a bearish bias against 10603with10435 and 10350 as objectives.

LEVELS: 10435 10495 10530 10603 10670 10715

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