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AUDUSD Trades Through October 1 High

AUDUSD Trades Through October 1 High

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Trades Through October 1 High

Prepared by Jamie Saettele, CMT

“The AUDUSD had no problem with the 38.2% retracement or trendline resistance and ended the day on the highs and right at the 50% retracement of the decline from the top. The 10/1 high at 10402 is significant because a rally through that level would eliminate the bearish monthly opening range break and open things up for a run at 10624 albeit with 10442 and 10550 providing resistance along the way. Bullish risk is moved to 10270.” Continue to look higher, especially now that price has printed above the October 1 high. 10325/36 is near term support.

LEVELS: 10293 10325 10363 10402 10442 10550

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

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