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FOREX Technical Analysis: AUD/USD Breaks Short Term Trendline Support

FOREX Technical Analysis: AUD/USD Breaks Short Term Trendline Support

2012-11-16 01:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_AUDUSD_Breaks_Short_Term_Trendline_Support_body_audusd.png, FOREX Technical Analysis: AUD/USD Breaks Short Term Trendline Support

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote yesterday that “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.” The trendline break and more importantly drop to the November low increases confidence in the bearish bias. Of course, sustained moves have been difficult to come by in recent months and a hiccup here wouldn’t be the least bit surprising.

FOREXTrading Strategy: I’m still bearish but recognize that this is probably a good place for a bounce to materialize. Resistance is noted below.

LEVELS: 10192 10235 10275 10347 10386 10412

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