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FOREX Technical Analysis: AUD/USD Traders Beware of Breakout

FOREX Technical Analysis: AUD/USD Traders Beware of Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Traders Beware of Breakout

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: The AUDUSD closed on the trendline that extends off of the 2011 and 2012 highs on Friday after trading above the line intraweek. Price is back above the line now. Currencies (first the Yen, then the Euro) have been breaking out in recent weeks so perhaps the AUDUSD is next. Respect breakout potential as long as price is above 10356.

FOREXTrading Strategy: Event risk is heavy on Wednesday and Thursday. Wait until then before deciding what to do.

LEVELS: 10465 10493 10525 10624 10730 10856

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

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