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FOREX Trading: Next AUDUSD Pivot is Probably 10550

FOREX Trading: Next AUDUSD Pivot is Probably 10550

2012-11-23 21:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD has nearly reached the 100% extension of the 10287-10424 rally at 10479 (right at the November high). As is the case across most markets, expect the current move to extend slightly higher over the next few days. 10550, the 9/14 reversal day close and 161.8% extension of 10287-10424, is a level that may produce the next top. I’m long from Wednesday at 10340 but looking for a top near 10550. 10438/48 is near term support.

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