FOREX Technical Analysis: AUD/USD Breaks December Low
Weekly Bars
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: “It’s worth keeping in mind the longer term AUD/USD triangle, in which price probably declines towards parity or below in order to complete triangle wave E.” COT data reveals a sentiment extreme.
FOREXTrading Strategy: Last comments were “shorts are favored against 10585. The stop should be moved down to 10560 if price breaks below 10508. Initial support is 10466 but the first objective isn’t until the 61.8% retracement of the advance from 10148, at 10315. This level is straddled by the 50% and 61.8% extensions of the 10624-10148 decline (10347 and 10291).” Look towards 10315 and move the stop down on the rest to 10420.
LEVELS: 10235 10291 10315 10415 10500 10553
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.
