aud-usd

I’ve speculated in recent days that an important top is in place stating “having exceeded and reversed from above .9334, the minimum expectations for wave .v of v of C has been met…respect the potential for a double top (which would be confirmed on a drop below .8900), especially when considering divergent momentum readings and patterns of other USD crosses. A short term head and shoulders top could be forming (circled area). Coming under .9200 would confirm that short term pattern.” The AUDUSD has dropped beneath that level price tested 5th wave channel support this morning. More importantly, there are 5 waves down from .9410, confirming that a top is in place. Sell rallies. Resistance is from .9190 to .9275 with .9220/30 possibly possessing the most supply.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum.  He is the author of Sentiment in the Forex Market.  Follow his intraday market commentary and trades at DailyFX Forex Stream.   Send requests to receive his reports via email to jsaettele@dailyfx.com.

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