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AUDUSD Trendline and Former Pivots at Current Level

AUDUSD Trendline and Former Pivots at Current Level

2012-09-11 23:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Trendline and Former Pivots at Current Level

Prepared by Jamie Saettele, CMT

I wasn’t around for it but a large range day and key reversal unfolded in the AUDUSD on Friday. Like other USD crosses, the AUDUSD faces resistance at the current level (short term trendline, 7/19 high and 8/17 low) and initial support is 10370. It’s worth noting that the setback from the August high is awfully shallow to be considered a complete triangle leg but trading against the early month break (in this case bullish) is usually a losing proposition.

LEVELS: 10320 10370 10400 10450 10500 10545

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