News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUDUSD Reverses Week’s Gains

AUDUSD Reverses Week’s Gains

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Reverses Week’s Gains

Prepared by Jamie Saettele, CMT

I’d like to think that a top is in place given the level that the AUDUSD reversed from (April low, 50% retracement of decline from February high, 100% extension of rally from 9580 and 13 week average) but I’m also aware of the arduous topping process common to the AUDUSD (and NZDUSD). In any case, I am bearish even in the event of a new high. A new high would probably be minimal and downside potential is far greater. I do expect a bounce near term. In fact, in the past 10 years, the AUDUSD has only declined 1.5% or more on a Thursday 22 times (separate days). The AUDUSD rallied the following Friday 16 of those times by an average of 64 pips (close to close). NYSE TRIN also registered its highest closing reading of the year (highest since 12/28/11), which is bullish for tomorrow. Like everything else, a clean 5 waves from the top would increase confidence that a top is in place.

LEVELS: 9820 9920 10010 10070 10115 10160

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

DISCLOSURES