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
Forex Technical Analysis: AUDUSD Pierces but Closes above 61.8 Level

Forex Technical Analysis: AUDUSD Pierces but Closes above 61.8 Level

Jamie Saettele, CMT, Sr. Technical Strategist

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

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

DISCLOSURES