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Forex Technical Analysis: AUDUSD Pierces but Closes above 61.8 Level

Forex Technical Analysis: AUDUSD Pierces but Closes above 61.8 Level

2012-10-23 02:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, Forex Technical Analysis: AUDUSD Pierces but Closes above 61.8 Level

Chart Prepared by Jamie Saettele, CMT

Forex Observations: The AUDUSD declined sharply on Tuesday but was able to close above the 61.8% retracement of the rally from 10148. Pattern since the 9/14 high isn’t easily decipherable from a structural point of view and may very well compose part of wave E of a triangle that began at the 2011 high. Weakness below 10148 would shift focus to 9968/79. Strength above 10411 would face resistance from the 61.8% at 10442.

Forex Trading Strategy Implications: The implications from wave E of the triangle or for lower prices, probably just under parity. Whether that decline occurs from the current level is up in the air.

LEVELS: 10000 10148 10192 10320 10364 10411

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