Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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