AUDUSD Bulls Still Thrwarted above 10500
240 Minute Bars
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 yesterday 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 10330, 10225 and 10175.
LEVELS: 10330 10410 10470 10500 10530 10577
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.