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FOREX Technical Analysis: AUD/USD Coiled for Move but Direction Unclear

FOREX Technical Analysis: AUD/USD Coiled for Move but Direction Unclear

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Candles

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Coiled for Move but Direction Unclear

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: As long as the AUDUSD is below 10585, it’s worth keeping in mind the longer term AUD/USD triangle, in which price may decline towards parity or below in order to complete triangle wave E. COT data reveals a sentiment extreme as well.

FOREXTrading Strategy: No change – “Reward/risk is favorable against 10585 for bears”.

LEVELS: 10375 10408 10467 10527 10553 10585

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

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