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FOREX Technical Analysis: AUDUSD Rallies from Fibonacci Support

FOREX Technical Analysis: AUDUSD Rallies from Fibonacci Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUDUSD Rallies from Fibonacci Support

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The AUDUSD rallied sharply after testing 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 (completely subjective thought). Weakness below 10148 would shift focus to 9968/79. Strength above 10411 would face resistance from the 61.8% at 10442. The response at the Fibonacci level does suggest that we look higher.

FOREXTrading Strategy Implications: The impulsive nature of the rally from 10235 suggests that the break will be higher.

LEVELS: 10264 10293 10325 10364 10411 10442

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