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AUD/USD Advance Stalls At Centre Of Range

Currencies | Dec 22 2011

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By Jamie Saettele

Prepared by Jamie Saettele, CMT

“The best bet for AUDUSD is a triangle or flat from the October low (with the current rally from the November low as wave C).” I had been looking for a fill of the 11/28 gap but the current 2 day rally suggests that price is headed towards 10500/75 (c of C) over the next few weeks. There is a confluence of channels near 10500 next week and 10576 is where the rally from 9662 would consist of 2 equal waves. Supports are 10050 and 10000. The upside is favored against 9880 (Monday low).

The views expressed are not FNArena's (see our disclaimer).

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