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AUD/USD Trendline Will Aid in Next Trade

By , Sr. Technical Strategist
13 February 2013 21:41 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trendline Will Aid in Next Trade

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “It’s possible that this is the beginning of the larger AUDUSD triangle E wave towards 9800-9900. The most aggressive AUDUSD target is 9700. This objective is reached by extending the 10148-10598 range from 10148 (10148 needs to break first of course).”

FOREXTrading Strategy: The trailing stop was hit at 10350 (original entry 10370). I’m looking to short into trendline resistance (10375 on Thursday) / 20 day average with a 10460 stop.

LEVELS: 10192 10227 10307 10370 10400 10460

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13 February 2013 21:41 GMT