AUD/USD Bearish Breakout Trade is Confirmed
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The AUDUSD closed the week below the line that extends off of the October and December lows. It’s possible that this is the beginning of the larger triangle E wave towards 9800-9900. The most aggressive AUDUSD target is 9700. This objective is reached by extending the 10148-10598 range from 10148 (10148 needs to break first of course). Potential supports ahead of 10148 are 10287, 10235, and 10192.
FOREXTrading Strategy: Shorts were taken last night with risk of 10460. I’ll look to tighten the stop when appropriate.
LEVELS: 10148 10192 10287 10330 10415 10460
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