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AUD/USD Weekly Bar Already an Important Technical Event

Jamie Saettele, CMT


eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Weekly Bar Already an Important Technical Event

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-AUDUSD showed no respect for the bottom of the range and saw new lows following the Australian employment report. The measured level from the latest break is .8554 but be aware of possible trendline support (downward sloping) at .8720 this week (.8712 next week). Intramonth pivots from August and July 2010 are.8770 and .8632.

-This market has already made a massive outside week. This week actually engulfs the prior 4 weeks. Given the proximity of technical levels cited, I’m more inclined to treat this move as exhaustion than continuation. The next few days may clarify.

LEVELS: .8554 .8632 .8775 | .8864 .8932 .8968

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

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