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FOREX Technical Analysis: AUD/USD Coiled for Emotional Trade

FOREX Technical Analysis: AUD/USD Coiled for Emotional Trade

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Coiled for Emotional Trade

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The AUDUSD is too high to buy and too quiet to short. Volatility is so low that the next drop will probably prove corrective. It often takes several ‘false starts’ in a volatility environment this low before the ‘real’ turn occurs. “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.” There is also a confluence of upward sloping channel resistance lines at 10600 on Wednesday to consider.

FOREXTrading Strategy: Price is too close to 10550 without enough ‘emotion’ to short so I wouldn’t consider fighting this now until probably at least 10600.

LEVELS: 10440 10470 10512 10550 10624 10732

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