Friday, December 30, 2011
Thursday, December 29, 2011
Australian Dollar Wedged between Several Trendlines .
There are several interpretations of wave structure from the July high (including a bullish triangle and bearish triangle as wave B from the October low) but most point higher over the next few weeks towards 10575 (100% extension of rally from 9663). Exceeding 10220 would inspire confidence in an upside bias. Until then, we could see a dip below 10045. 9860 remains the key level for bulls. 10100 is short term support.
----------By Jamie Saettele, CMT
Wednesday, December 28, 2011
EUR/USD Classical Technical Report 12.28
EUR/USD: The market has finally taken out the key October lows at 1.3145 to confirm a lower top by 1.3550 and open the next downside extension towards the 2011 lows from January at 1.2870. Daily studies are however looking a little stretched and at this point we could see some corrective action before the market resumes its downward trajectory. Look for any rallies to be well capped in the 1.3300 area from where the next lower top will be sought out.
--- Written by Joel Kruger, Technical Currency Strategist
