Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-AUDUSD 10/23 outside day reversal is consistent with the AUDUSD transitioning from an uptrend to something else (sideways or downtrend). The rally from the August low consists of 2 converging lines and price is below the support line.
-Bigger picture, the advance reversed in the vicinity of the June high (.9791), 2008 high (.9849) and at the channel that originates from the October 2012 low. This is a good place for a top.
Trading Strategy: Look lower as long as price is below .9525 (Thursday high) towards cited supports. Exceeding Thursday’s high would open up towards .9580-.9620 (where I’ll be looking to go short).
LEVELS: .9332 .9390 .9428 | .9485 .9525 .9570