Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: As long as the AUDUSD is below 10585, it’s worth keeping in mind the longer term AUD/USD triangle, in which price may decline towards parity or below in order to complete triangle wave E. COT data reveals a sentiment extreme as well.
FOREXTrading Strategy: Shorting today’s rally offers great reward/risk against 10585. EURAUD long is another option (and might be even better) with that pair testing support from a channel, former resistance, and 20 day average.
LEVELS: 10375 10408 10460 10498 10523 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.