AUD/USD Breakout Target Near .8700

DailyFX

Daily

View photo

.
eliottWaves_aud-usd_body_audusd.png, AUD/USD Breakout Target Near .8700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: Structurally, everything since 6/24 is corrective (I won’t speculate on the pattern). It’s too early to tell if corrective trading is complete. The false break last week reinforces the idea about the AUDUSD correcting its momentum and sentiment primarily through time and also that the bigger trade is probably still short. The range of a bit more than 300 pips (.8997-.9317) can be used to estimate the extent of the next move.

FOREXTrading Strategy: Order to short .9165, stop .9325, target .8700.

LEVELS: .8910 .8997 .9048 .9100 .9165 .9207

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

View Comments (0)