FOREX Technical Analysis: AUD/USD Makes 10500 Run and Retreats
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: I’ll note that today’s action had that ‘top’ feel to it but I’d rather sell into or above 10550 if operating from the short side. “10550, the 9/14 reversal day close, 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.” Another possibility to consider; wave E of the triangle is also a triangle and began in August. The triangle within the triangle would certainly explain the volatility environment. The requisite calls for 11080 are starting so we’re probably not far from a top (of what degree I’m not certain).
FOREXTrading Strategy: No change-Shorting at 10550.
LEVELS: 10340 10393 10441 10518 10550 10624