AUD/USD Covers 9/13 Close; .9267-.9305 is Now Resistance

DailyFX

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eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD Covers 9/13 Close; .9267-.9305 is Now Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-Bigger picture, the market broke from a symmetrical triangle the week that ended 5/17/2013. The recent top is just pips from that close level (with an outside day reversal on 10/23) and right at channel resistance.

-The advance from the August low is defined by converging lines (pennant, common in bear market advances).

-AUDUSD covered the 9/13 close (.9243). A bounce could begin from .9187.

Trading Strategy: The first target was hit at .9250. The stop on the remainder is lowered to .9450. I am on the lookout for a chance to add to the position.

LEVELS: .9069 .9115 .9187 | .9255 .9268 .9304

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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