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FOREX Technical Analysis: AUD/USD 10550 in Focus AGAIN?

FOREX Technical Analysis: AUD/USD 10550 in Focus AGAIN?

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD 10550 in Focus AGAIN?

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Bigger picture – “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.” Near term, sideways trading over the last few days may compose a triangle in which case another thrust into 10550 isn’t out of the question.

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.