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FOREX Technical Analysis: AUDUSD Inside Day Trade Opportunity

FOREX Technical Analysis: AUDUSD Inside Day Trade Opportunity

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUDUSD Inside Day Trade Opportunity

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.” The AUDUSD extended higher Thursday before selling off during the US equity market open. Price has failed twice now at the 50% retracement of the 10624-10148 decline. The 61.8% is probably stronger at 10442. Directional conviction is low.

FOREXTrading Strategy Implications: If price trades above Thursday’s high (10396), then expect extension towards 10442 and possibly 10550. Monday’s inside day presents an entry opportunity on a break of Friday’s range.

LEVELS: 10192 10235 10297 10396 10442 10550

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