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AUDUSD Tests Friday Low but 10435 Remains Key

AUDUSD Tests Friday Low but 10435 Remains Key

2012-08-13 22:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Tests Friday Low but 10435 Remains Key

Prepared by Jamie Saettele, CMT

The area just above 10600 has served to thwart bulls so far as daily RSI has failed shy of 70 and weekly RSI near 60. The action is RSI is consistent with formation of a top. Still, a drop below 10434 is needed in order to suggest that the top is in and that wave D of the triangle is underway towards parity (and below). Until 10434 is taken out, another high can’t be completely dismissed. 10636 and 10685 would be of interest. To review – “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.”

LEVELS: 10380 10435 10465 10535 10577 10612

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