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FOREX Technical Analysis: AUD/USD 10550 in Focus for Month End

FOREX Technical Analysis: AUD/USD 10550 in Focus for Month End

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_AUDUSD_10550_in_Focus_for_Month_End_body_audusd.png, FOREX Technical Analysis: AUD/USD 10550 in Focus for Month End

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The AUDUSD has nearly reached the 100% extension of the 10287-10424 rally at 10479 (right at the November high). As is the case across USD crosses, expect the current move to extend slightly higher. 10550, the 9/14 reversal day close and 161.8% extension of 10287-10424, is a level that may produce the next top. It’s worth keeping in mind the longer term AUD/USD triangle, in which price probably declines towards parity or below in order to complete triangle wave E.

FOREXTrading Strategy: I’m long from last Wednesday at 10340 but looking for a top near the well-defined 10550 (Fibonacci, structural, short term channel, and long term trendline). Risk on been moved up from 10286 to 10374.

LEVELS: 10390 10415 10438 10479 10550 10624

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