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AUDUSD Shows Bearish Impulsive Characteristics

AUDUSD Shows Bearish Impulsive Characteristics

2012-10-22 21:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Shows Bearish Impulsive Characteristics

Prepared by Jamie Saettele, CMT

My latest comments were “continue to look higher, especially now that price has printed above the October 1 high. 10325/36 is near term support.” The AUDUSD is similar to the EURUSD at the current juncture in that price hasn’t traded through the bullish invalidation point of 10293 but small degree weakness (from 10411) is impulsive and suggestive of something more bearish. The conflicting evidence leaves me neutral for now. Market action at 10350/70 (if reached) may offer clues regarding the next move.

LEVELS: 10148 10191 10293 10339 10411 10442

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

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