Advertisement
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow 30

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Silver

    25.10
    +0.18 (+0.74%)
     
  • EUR/USD

    1.0777
    -0.0016 (-0.15%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • GBP/USD

    1.2624
    +0.0002 (+0.02%)
     
  • USD/JPY

    151.3480
    -0.0240 (-0.02%)
     
  • Bitcoin USD

    69,921.32
    -718.75 (-1.02%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,369.44
    +201.37 (+0.50%)
     

AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low
eliottWaves_aud-usd_body_audusd.png, AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-AUDUSD has extended gains following the 10/10 outside day. Price exceeded the Sep high of .9528 but failed to close above. Be aware of the 2012 low at .9580 as possible resistance if reached.

-Structure of the advance from the 9/30 low is overlapping. It’s possible that the move is an ending diagonal. The poke above the line that extends off of the 10/1 and 10/8 high may compose a ‘throwover’ that is typical at the end of such moves.

Trading Strategy: Below .9420 would suggest that a top is in place. Until then, one can’t dismiss higher prices.

LEVELS: .9428 .9460 .9484 | .9547 .9580 .9665

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.

Advertisement