FOREX Technical Analysis: AUD/USD is Coiled Like a Spring
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: AUDUSD triangles have formed from the July 2011 high (price is above that triangle line now) and the September 2012 high. Predicting the direction of the break is never a good idea but the latest pivot low can be used as a point of reference. In other words, stay bullish for an upside break as long as price is above 10485.
FOREXTrading Strategy: A bullish bias is valid against 10485 (I’m playing a possible breakout through the NZDUSD).
LEVELS: 10441 10485 10506 10598 10624 10730
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.