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AUDUSD Reverses the Reversal

AUDUSD Reverses the Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Reverses the Reversal

Prepared by Jamie Saettele, CMT

I wrote yesterday that “a daily key reversal formed but stronger evidence is needed in order to suggest that a low is in place.” Today’s drop ‘reversed the reversal’ and also illustrated the importance of understanding intraday seasonality and market opens (the high was right at the US close yesterday and the low right at the European close today). 10044 and 9861 remain targets for the month but I am lightening up on short positions now in anticipation of strength above 10225. As mentioned yesterday, “price could reach the 10300s and still be in a strong downtrend.” 10220 and 10280 are resistance.

Ideas: short into 10225/10280

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