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FOREX Technical Analysis: AUD/USD Event Risk Could Trigger a Break

By , Sr. Technical Strategist
16 January 2013 22:54 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Event Risk Could Trigger a Break

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The AUDUSD closed on the trendline that extends off of the 2011 and 2012 highs on Friday after trading above the line intraweek. Price is back above the line now. Currencies (first the Yen, then the Euro) have been breaking out in recent weeks so perhaps the AUDUSD is next. Respect breakout potential as long as price is above 10356.”

FOREXTrading Strategy: Event risk is heavy on Wednesday and Thursday. I always like fading the initial reaction. If it is lower, then expect support at 10450/70. A break higher would likely encounter resistance at 10730/65.

LEVELS: 10465 10493 10525 10624 10730 10856

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16 January 2013 22:54 GMT