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AUDUSD Rally Fails at 20 Day Average

AUDUSD Rally Fails at 20 Day Average

2012-09-10 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Rally Fails at 20 Day Average

Prepared by Jamie Saettele, CMT

When I left, the AUDUSD was trading the mid-10400s and on its way down from above 10600. The drop extended to test the 7/25 low before last week’s sharp advance. The working assumption remains that price is working lower (probably as part of a triangle) towards the 6/25 low of 9968. Currently capped by the 50% retracement of the 10612-10165 move and the 20 day average, I’m bearish against 10550. Near term resistance extends to 10450.

LEVELS: 10275 10300 10335 10385 10400 10450

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