AUD/USD Recovers before RBA; .9570-.9620 is Resistance

Jamie Saettele, CMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Recovers before RBA; .9570-.9620 is Resistance
eliottWaves_aud-usd_body_audusd.png, AUD/USD Recovers before RBA; .9570-.9620 is Resistance

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.

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: .9388 .9420 .9468 | .9525 .9570 .9620

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.