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AUDUSD Retraces More than 50% of Rally from September Low

AUDUSD Retraces More than 50% of Rally from September Low

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Retraces More than 50% of Rally from September Low

Prepared by Jamie Saettele, CMT

“10805/55 remains of interest in the weeks ahead for the AUDUSD but near term focus is on identifying completion of the decline from 10624.” The 50% retracement of the rally from the September low is 10395 and the AUDUSD spiked down to test a pivot high from 9/10 at 10367 (and 20 day average) before finding a low Thursday. The correction is already deep but a drop below Thursday’s low would probably make bulls suffer until 10322 and maybe 10286. Exceeding 10496 would increase confidence that a low is in place.

LEVELS: 10320 10367 10400 10485 10550 10624

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