AUD/USD Uncovered Close at .9241 is a Near Term Target

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.
eliottWaves_aud-usd_body_audusd.png, AUD/USD Uncovered Close at .9241 is a Near Term Target

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-AUDUSD has followed through on the reversal that ended the week of 10/25. 10/23 was the day of the top and an outside day reversal formed that day.

-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 rally from the June low forms 2 converging lines and can be called a pennant. These patterns are often seen in the early stages of large bear markets.

Trading Strategy: Currently short. Original stop was .9550. Stop has been lowered to .9475. .9190-.9300 could produce consolidation / corrective activity. The 9/13 uncovered close is at .9241 so target half at .9250.

AUDJPY and EURAUD are also in play.

LEVELS: .9115 .9190 .9243 | .9311 .9340 .9370

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