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FOREX Technical Analysis: AUD/USD Churns at the Highs

FOREX Technical Analysis: AUD/USD Churns at the Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_AUDUSD_Churns_at_the_Highs_body_audusd.png, FOREX Technical Analysis: AUD/USD Churns at the Highs

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Last Wednesday’s price action constitutes a JS Spike (emotional top) but the decline from the top may be in just 3 waves. There are valid bearish counts (such as a flat from the 11/7 low in which case the AUDUSD would pop above 10443 before turning lower again), but the lack of a clean bearish impulse necessitates that we at least consider a test of the high.

FOREXTrading Strategy: “The Wednesday reversal is enough to be bearish…” but confidence is low. Exceeding 10479 could result in extension towards 10550. Weakness below 10359 is needed to put the bearish path comfortably back on track. Recent action in several Australian Dollar crosses does hint at a turn.

LEVELS: 10192 10235 10359 10445 10480 10550

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