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How I am Trading AUDUSD Right Now

How I am Trading AUDUSD Right Now

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

AUDUSD volatility has ticked up from levels that have previously indicated major tops in price. Since 2008, 1 week, 1 month, and 3 month volatility has only been lower at the late April, early May top. 1 year volatility hasn’t been lower since the 2008 top!

Big picture, one cannot dismiss potential for a bullish triangle from the 2011 top. The implications would be for a sharp selloff to complete the triangle (wave E) over the next few weeks to month. Near term, a new high (above 10443) cannot be ruled out in the event that a diagonal is unfolding from 9968. Based on monthly seasonality, I wouldn’t be at all surprised by a new high, however minimal. From a trading standpoint however, reward/risk is favorable for bears into 10315/40 against the Sunday night high of 10365. If stopped out, then we should be able to short above 10443 for the expected E wave drop. The 4/27 high at 10474 is obviously of interest if 10443 fails to hold.

AUDUSD – Daily Bars

How_I_am_Trading_AUDUSD_Right_Now_body_audusd.png, How I am Trading AUDUSD Right Now

Prepared by Jamie Saettele, CMT

AUDUSD – Weekly Bars

How_I_am_Trading_AUDUSD_Right_Now_body_audusd_1.png, How I am Trading AUDUSD Right Now

Prepared by Jamie Saettele, CMT

AUDUSD – 60 Minute Bars

How_I_am_Trading_AUDUSD_Right_Now_body_audusd_2.png, How I am Trading AUDUSD Right Now

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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