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FOREX Technical Analysis: AUD/USD Shorts Worth a Try at 10465

FOREX Technical Analysis: AUD/USD Shorts Worth a Try at 10465

2012-11-28 01:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_AUDUSD_Shorts_Worth_a_Try_at_10465_body_audusd.png, FOREX Technical Analysis: AUD/USD Shorts Worth a Try at 10465

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “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.” The AUDUSD reversed after trading to a high for the month. Conditions are clearly of the range variety on the daily and the impulsive structure of weakness from 10489 warrant a near term bearish bias.

FOREXTrading Strategy: Longs from 10340 were exited today on the trailing stop at 10450 (all updates to trades are released via Twitter @JamieSaettele). 10465 is resistance for bearish entries. AUDJPY may be an even better option.

LEVELS: 10340 10375 10415 10465 10490 10550

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