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AUDUSD Fills November Gap

AUDUSD Fills November Gap

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Fills November Gap

Prepared by Jamie Saettele, CMT

The AUDUSD has cleanly broken below the trendline that extends off of the May 2010 and October 2011 lows as well as the downward sloping channel that defines the trend since the February top. Thegap left open from 11/28/11 at 9773 has been filled but focus remains on the November low at 9663. The bounce off of 9689 could be the beginning of a larger correction towards 9934 and maybe 10020. There is no way to know ahead of time but reward/risk does not favor bears here. By the same token, there is nothing wrong with trading a reversal but doing so requires adherence to strict risk management (USE STOPS). Holding yesterday’s low through the US session would do well for those in the correction camp. The ideal trade will probably be shorting in early June at slightly higher levels (9970-10020).

LEVELS: 10109 10020 9967 9869 9663

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