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FOREX Technical Analysis: AUD/USD Response at 10340 Suggests Higher Prices

FOREX Technical Analysis: AUD/USD Response at 10340 Suggests Higher Prices

2012-11-22 00:48:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_AUDUSD_Response_at_10340_Suggests_Higher_Prices_body_audusd.png, FOREX Technical Analysis: AUD/USD Response at 10340 Suggests Higher Prices

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The AUDUSD pattern of late has been indecipherable but levels have held well. This week’s high is reversed just above the 11/7 J Spike close at 10412. The low today was almost exactly at the 11/16 reversal day close (11/16 close was 10340 and today’s low was 10338). 10412 is still potential resistance but I’m inclined to look higher as per the impulsive nature of the rally from 10287. The 100% extension of the rally from that level is at 10479 (right at the November high). Strength through there would place focus once again on 10550. Weakness below 10286, although unexpected, would shift focus to 10191.

FOREXTrading Strategy: Look higher towards 10479 and 10550.

LEVELS: 10286 10323 10354 10393 10424 10479

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