Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-AUDUSD 10/23 outside day reversal is consistent with the AUDUSD transitioning from an uptrend to something else (sideways or downtrend). The rally from the August low consists of 2 converging lines and price is below the support line.
-Bigger picture, the advance reversed in the vicinity of the June high (.9791), 2008 high (.9849) and at the channel that originates from the October 2012 low.
Trading Strategy: This is what I am looking at before jobs data tonight. As always with news, pay attention to price levels (below).
LEVELS: .9388 .9435 .9488 | .9570 .9620 .9670