AUD/USD Drops for 6th Consecutive Day; .9203 Remains the Pivot

DailyFX

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eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD Drops for 6th Consecutive Day; .9203 Remains the Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-AUDUSD confirmed a head and shoulders top last week. The weak right shoulder suggests an exceptionally vulnerable market.

-Tuesday’s outside day allows bearish risk to be tightened to .9210. Exceeding that level would shift focus to .9250/67 (re-test of broken support).

Trading Strategy: The first target was hit at .9250. The stop on the remainder is now .9210. Near term resistance is .9120. I’ll be looking to add to the position near that level. If stopped out, then re-entry may occur on a test of the just broken .9250/67 area. There is an AUDJPY opportunity as well.

LEVELS: .8978 .9013 .9069 | .9119 .9168 .9203

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

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