U.S. Markets closed

AUD/USD Traders Await RBA Decision

Jamie Saettele, CMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Traders Await RBA Decision

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “The reversal at the 78.6% retracement and subsequent drop below Monday’s low is a good start for a drop into at least 1.0305/45.” The downside remains favored until at least 1.0300 (former resistance and 50% retracement) for the next few weeks although it’s possible that this move is the beginning of something ‘bigger’….don’t forget that price remains within the triangle that began at the 2011 high.

FOREXTrading Strategy: Short, stop on daily close above 1.0500, target 1.0310. RBA is a market mover tonight. I spoke at length during Monday’s webinar about how I am trading AUDUSD.

LEVELS: 1.0260 1.0310 1.0342 1.0400 1.0500 1.0543

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.