Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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
- Finance Trading