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FOREX Technical Analysis: AUD/USD is Coiled Like a Spring

By , Sr. Technical Strategist
23 January 2013 21:06 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD is Coiled Like a Spring

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: AUDUSD triangles have formed from the July 2011 high (price is above that triangle line now) and the September 2012 high. Predicting the direction of the break is never a good idea but the latest pivot low can be used as a point of reference. In other words, stay bullish for an upside break as long as price is above 10485.

FOREXTrading Strategy: A bullish bias is valid against 10485 (I’m playing a possible breakout through the NZDUSD).

LEVELS: 10441 10485 10506 10598 10624 10730

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23 January 2013 21:06 GMT