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AUDUSD Drops Below 3rd Trendline to Signal Top

AUDUSD Drops Below 3rd Trendline to Signal Top

2012-08-20 20:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Drops Below 3rd Trendline to Signal Top

Prepared by Jamie Saettele, CMT

I’ve covered the AUDUSD from about every angle possible recently; the long term triangle, the internal wave count from the June low (triple zigzag), momentum implications on multiple time frames (RSI range rules), intramonth seasonality, and most recently the trendline fan principle. In fact, the trendline fan principle signaled a reversal today with the drop below the 3rd trendline. Near term, I care about is 10540. As long as price is below there, I’ll maintain a bearish bias. The drop below 10435 increases confidence in the downside towards 10350.

LEVELS: 10315 10345 10414 10470 10530 10577

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