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AUDUSD is Bullish above 10293

AUDUSD is Bullish above 10293

2012-10-17 23:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD is Bullish above 10293

Prepared by Jamie Saettele, CMT

The AUDUSD had no problem with the 38.2% retracement or trendline resistance and ended the day on the highs and right at the 50% retracement of the decline from the top. The 10/1 high at 10402 is significant because a rally through that level would eliminate the bearish monthly opening range break and open things up for a run at 10624 albeit with 10442 and 10550 providing resistance along the way. Bullish risk is moved to 10270.

LEVELS: 10293 13025 10363 10402 10442 10550

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