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AUD/USD Key Reversal Could Trigger Next Rally Leg

By , Sr. Technical Strategist
29 April 2014 17:25 GMT

Daily

AUD/USD Key Reversal Could Trigger Next Rally Leg

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“AUDUSD has responded to the 2011 low and 2009 high (.9386-.9405), late November high and channel resistance. Look lower as long as price is below last week’s high. Downside levels of interest are .9205 and .9138 (and watch the channel supports).”

-AUDUSD has dropped into an area that could make at least a near term low. The decline from the top would consist of 2 equal waves at .9232 (Tuesday low was .9227).

LEVELS: .9137 .9205 .9246 | .9275 .9314 .9362

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

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29 April 2014 17:25 GMT