Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: “10550, the 9/14 reversal day close and 161.8% extension of 10287-10424, is a level that may produce the next top. It’s worth keeping in mind the longer term AUD/USD triangle, in which price probably declines towards parity or below in order to complete triangle wave E.” The AUDUSD reversed after trading to a high for the month. Conditions are clearly of the range variety on the daily and the impulsive structure of weakness from 10489 warrant a near term bearish bias.
FOREXTrading Strategy: Longs from 10340 were exited today on the trailing stop at 10450 (all updates to trades are released via Twitter @JamieSaettele). 10465 is resistance for bearish entries. AUDJPY may be an even better option.
LEVELS: 10340 10375 10415 10465 10490 10550