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FOREX Technical Analysis: AUDUSD Spikes Through Fibonacci Level and Fails Again

FOREX Technical Analysis: AUDUSD Spikes Through Fibonacci Level and Fails Again

2012-11-08 00:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_AUDUSD_Spikes_Through_Fibonacci_Level_and_Fails_Again_body_audusd.png, FOREX Technical Analysis: AUDUSD Spikes Through Fibonacci Level and Fails Again

Chart Prepared by Jamie Saettele, CMT

FOREXObservations: Once again the AUDUSD 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. Today’s price action constitutes a JS Spike (emotional top).

FOREXTrading Strategy Implications: The Wednesday reversal and continued failure at Fibonacci resistance is enough to turn bearish. Allowing for strength into 10426/47, I am bearish against 10480.

LEVELS: 10330 10365 10400 10437 10480 10550

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