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AUDUSD Holding 10435 Raises Questions

AUDUSD Holding 10435 Raises Questions

2012-08-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Holding 10435 Raises Questions

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. A detailed look at the rally from 9580 reveals a completed triple zigzag. I wrote of the trendline fan principle yesterday – “It is often necessary to redraw trendlines as a move matures in order to encompass all of the price action. After 2 redraws, one is left with 3 lines. A break of the 3rd line is considered strong evidence that the trend has reversed. We’re trying to identify the turn a bit earlier but it is interesting to note that a break of the 3rd trendline would coincide with a break of the August low (what we’ve been waiting for). Focus would shift to 10390 and 10340.”

LEVELS: 10390 10435 10455 10519 10540 10577

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