Chart Prepared by Jamie Saettele, CMT
FOREXObservations: “Once again the AUDUSD failed to close above the 61.8% retracement of the decline from 10624. Keeping in mind the longer term triangle, we should respect potential for another bear leg towards parity or below in order to complete triangle wave E…and probably from nearby levels.” Wednesday’s price action constitutes a JS Spike (emotional top).
FOREXTrading Strategy Implications: The Wednesday reversal and continued failure at Fibonacci resistance is enough to turn bearish. I am bearish against 10480. Exceeding that level could result in extension towards 10550.
LEVELS: 10330 10365 10400 10443 10480 10550