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Australian Dollar Inside Day at Resistance

Australian Dollar Inside Day at Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, Australian Dollar Inside Day at Resistance

Prepared by Jamie Saettele, CMT

An AUDUSD top is either in place or will be with one more high. I wrote yesterday that “shorting at monthly and weekly highs is not a high probability play and short term structure does favor one more high so watch for resistance from the trendline (at 10465 Wednesday), the psychological 10500 and the Fibo extension at 10577. A drop below 10253 would trigger the bearish bias towards 9860-10045.” The AUDUSD failed to make a new high today, leaving an inside day at the 2 standard deviation band. This is a tried and true reversal strategy and I favor the downside with a tight stop (10450) as a new high could threaten the mentioned 10500 and 10577 levels.

Bottom Line – short, use USDOLLAR 9855 as a stop

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