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Australian Dollar Begins 3rd Wave Decline
Written by article default Thursday, 20 January 2011 18:01
120 Minute Bars
Prepared by Jamie Saettele
The AUDUSD rally from 9804 is a textbook 3 wave correction that follows a 5 wave decline. Waves a and c are equal in size and the advance reversed just short of the 61.8% retracement (of the decline from 10257). Looking out, a break below 9803 would shift focus to the December low at 9537, the 161.8% extension at 9344, and the August high at 9221.