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AUD/USD Breaking Down; Remember 8/30 Gap at .8900

Jamie Saettele, CMT


eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD Breaking Down; Remember 8/30 Gap at .8900

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-AUDUSD dropped to a new low, negating the reversal bar from Friday.

-It’s possible that the 8/30 uncovered close inspires a reaction at .8900 but the head and shoulders target isn’t until a new low…at .8802. Former supports are now estimated resistance at .8985 and .9055.

Trading Strategy: Missed re-entry on this one unfortunately. If the market drifts back above .9000, then an opportunity may present itself.

LEVELS: .8803 .8847 .8902 | .8971/85 .9050 .9080

--- 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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