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AUD/USD Near Term Construcive Heading into Employment Data

By , Sr. Technical Strategist
06 November 2013 22:38 GMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Near Term Construcive Heading into Employment Data

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-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

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06 November 2013 22:38 GMT