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AUD/USD Drops into Trendline Support after Failed Breakout

By , Sr. Technical Strategist
24 March 2014 23:55 GMT

Daily

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Drops into Trendline Support after Failed Breakout

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“AUDUSD completed a nearly 3 month head and shoulders pattern last week. The target for the pattern is .9511. Consider the path higher as long as price is above .8972. Breakouts can and do fail. If this one is going to fail, then the most likely places to do so are .9167 or .9268.”

-AUDUSD is on its 3rd breakout attempt. Keep .9167 in mind as a failure level but the market needs to trade below .8994 in order to eliminate the near term bull trend.

LEVELS: .8987 .9013 .9080 | .9085 .9124 .9167

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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24 March 2014 23:55 GMT