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AUDUSD Reaches 100% Extension and 8/23 high

AUDUSD Reaches 100% Extension and 8/23 high

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Reaches 100% Extension and 8/23 high

Prepared by Jamie Saettele, CMT

“Trading against the early month break (in this case bullish) is usually a losing proposition…focus is squarely on the 8/23 high at 10545 (and 100% extension of rally from 10163), 10612 and eventually the 161.8% extension at 10714. Support is now 10400/10430.” After trading to 10427, the AUDUSD traded into the 100% extension. After breaking through multiple resistance levels with ease, this is a good place for a setback to take place. Support begins at 10505.

LEVELS: 10455 10487 10505 10577 10613 10714

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