U.S. Markets open in 1 hr 12 mins

AUD/USD Range Could Tighten Between .8927 and .9080

Jamie Saettele, CMT


eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Range Could Tighten Between .8927 and .9080

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-After the largest bull run since the October high, AUDUSD may experience a deep pullback (at least). Support is estimated at .8887 and .8820/33.

-Thursday’s action however raises the possibility of a triangle unfolding from the 2/12 high. In other words, the range may tighten for a few days. .9060 and .8980 are possible reaction levels.

LEVELS: .8820 .8875 .8953 | .9023 .9058 .9085

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.