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FOREX Technical Analysis: AUD/USD Churns and Burns after 10500 Dip

FOREX Technical Analysis: AUD/USD Churns and Burns after 10500 Dip

2013-01-17 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, FOREX Technical Analysis: AUD/USD Churns and Burns after 10500 Dip

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: I wrote yesterday that “I always like fading the initial reaction. If it is lower, then expect support at 10450/70. A break higher would likely encounter resistance at 10730/65.” Event risk yesterday triggered a negative reaction but our support area wasn’t reached. Chinese GDP tonight could trigger something so keep 10450/70 in mind as support.

LEVELS: 10450 10470 10493 10624 10730 10856

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