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FOREX Technical Analysis: AUDUSD Tags Fibonacci Resistance

FOREX Technical Analysis: AUDUSD Tags Fibonacci Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_AUDUSD_Tags_Fibonacci_Resistance_body_audusd.png, FOREX Technical Analysis: AUDUSD Tags Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: The AUDUSD reached but failed to close above the 61.8% retracement of the decline from 10624. Keeping in mind the longer term triangle, we should respect potential for another bear leg towards parity or below in order to complete triangle wave E…and probably from nearby levels. What happens the rest of this week is critical to catching the next several big figure move. At resistance now, additional resistance comes in 10494 (100% extension) and 10550.

FOREXTrading Strategy Implications: With a low in place Monday, I’m not comfortable with shorts. An inside day on Wednesday or strength into 10500/10500 this week would probably warrant action from the short side.

LEVELS: 10330 10365 10400 10450 10494 10550

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