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AUDUSD 10600 Continues to Impede Bulls

AUDUSD 10600 Continues to Impede Bulls

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Candles

eliottWaves_aud-usd_body_audusd.png, AUDUSD 10600 Continues to Impede Bulls

Prepared by Jamie Saettele, CMT

Forget about the wave count for a moment and focus in on the last 4 days’ action. In fact, price has traded at the same levels for the last 6 days. The point is that the 10600 area is clearly well defended. RSI is drastically divergent on a 240 minute basis and the indicator has flattened below 70 on the daily. “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 the high would shift focus towards trendline resistance just shy of 10700. The next leg of the triangle should bring price back below parity.”

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