AUDUSD Breaks Down; Confirms Large Double Top
I’ve mentioned in recent days that “I am of the mind that the commodity currencies are about to take the lead from the European currencies as it pertains to bearing the brunt of dollar strength.” This has certainly happened. 8575 has now been broken, which confirms the double top at 9400. The objective is 7700, which is the July 2009 low as well as where the decline from 8571 would equal the 9411-8571 decline (double top measuring technique). Risk can be moved down to 9100.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to firstname.lastname@example.org.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.