Currencies | Feb 25 2011
By Jamie Saettele
With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. However, bears need a break below 9803 in order to confirm such a reversal and a move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000. The range has tightened and the AUDUSD should reveal its hand soon.
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