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AUD/USD Rallies After Testing Former Pivot Low; 10350 Still Key

AUD/USD Rallies After Testing Former Pivot Low; 10350 Still Key

2013-02-12 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rallies After Testing Former Pivot Low; 10350 Still Key

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “It’s possible that this is the beginning of the larger AUDUSD triangle E wave towards 9800-9900. The most aggressive AUDUSD target is 9700. This objective is reached by extending the 10148-10598 range from 10148 (10148 needs to break first of course).”

FOREXTrading Strategy: Downside risk has been minimized to 10350. If that level gives way, then expect resistance from the 20 day average at 10400 and sell again against 10460.

LEVELS: 10148 10192 10230 10315 10350 10415

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