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AUDUSD Crawls Midpoint of Last Week’s Range

AUDUSD Crawls Midpoint of Last Week’s Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Crawls Midpoint of Last Week’s Range

Prepared by Jamie Saettele, CMT

The AUDUSD has indeed crawled higher this week after Sunday’s gap down. The technical condition is similar to December 2007 and February 2010 with respect to short term volatility figures and price rebounding from 20 day lows. I both instances, the AUDUSD continued higher. 10330/50 (former support, 38.2% retracement, 20 day average) is of interest as long as price is above 10148. Weakness below 10048 would set sights on 9968/79.

LEVELS: 10100 10148 10209 10293 10330 10402

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.