AUD/USD Sideways Action Enters 4th Day

DailyFX

4Hour

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.
eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD Sideways Action Enters 4th Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The 11/26 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.9210. The head and shoulders target is below the year to date low of .8847.

LEVELS: .9013 .9055 .9106 | .9168 .9203 .9250

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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