Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-AUDUSD 10/23 outside day reversal is consistent with the AUDUSD transitioning from an uptrend to something else (sideways or downtrend). The rally from the August low consists of 2 converging lines and price is below the support line.
-Bigger picture, the advance reversed in the vicinity of the June high (.9791), 2008 high (.9849) and at the channel that originates from the October 2012 low.
Trading Strategy: Shorted the break after Aussie employment last night. Stop is .9550 and target is .9300. .9225-.9300 is an area to expect consolidation. AUDJPY is setup for a short. A GBPAUD bullish breakout is valid above 1.6860 (see EURUSD section for EURAUD).
LEVELS: .9320 .9388 .9420 | .9470 .9510 .9542