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FOREX Technical Analysis: AUD/USD Estimated Support is 10440

FOREX Technical Analysis: AUD/USD Estimated Support is 10440

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_AUDUSD_Estimated_Support_is_10440_body_audusd.png, FOREX Technical Analysis: AUD/USD Estimated Support is 10440

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote in the most recent update that “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.” The AUDUSD has ripped off of Friday’s low although the rally has stalled at the JS Spike close from 11/7 at 10412. The advance from 10148 is in 3 waves but so too is the decline from 10479 at this point. With that in mind, 10479 is key to the near term bearish interpretation.

FOREXTrading Strategy: A bearish outcome is possible below 10480 but exceeding that level shifts focus to 10550. Support is 10340. Play the range.

LEVELS: 10235 10287 10340 10420 10460/80 10550

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