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 Repeating July Blowoff

AUDUSD Repeating July Blowoff

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Repeating July Blowoff

Prepared by Jamie Saettele, CMT

“Taking today’s outside day reversal and shelf of RSI support shifts the weight of evidence to a higher high (above 10443).” Today’s action highlights the importance of outside days. The swings since the 2011 high compose a triangle. The NZDUSD pattern makes it more likely though that the triangle is not bullish but rather forming from the October 2011 low as wave B within an A-B-C decline from the 2011 high. Without getting into the nitty-gritty of wave structure within the advance from the 6/1 low, levels to consider for a top are 10475 (4/27 high), the line that extends off of the 7/5 and 7/19 highs (at 10513 Friday) and 10600 (extensions and 2/23 low). A drop below 10345 WITHOUT first exceeding 10422 would suggest that a top is in place.

LEVELS: 10315 10345 10370 10443 10475 10520

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

DISCLOSURES