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FOREX Technical Analysis: AUD/USD Reverses Sharply During US Trading

FOREX Technical Analysis: AUD/USD Reverses Sharply During US Trading

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_AUDUSD_Reverses_Sharply_During_US_Trading_body_audusd.png, FOREX Technical Analysis: AUD/USD Reverses Sharply During US Trading

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: After coming within nearly 20 pips of the high (and our invalidation level), the AUD/USD sold off sharply. Price remains above the November low of 10329 of which a break would increase confidence in the downside towards 10275. Trendline support rests just below the current level but it’s best to stick with the idea that a top is in place as identified by a JS Spike on 11/7.

FOREXTrading Strategy: Don’t chase weakness in front of trendline support and the monthly low but if not already bearish, then you may wish to try on strength into 10400.

LEVELS: 10192 10275 10359 10400 10440 10480

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

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