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AUD/USD Bearish Breakout Trade is Confirmed

AUD/USD Bearish Breakout Trade is Confirmed

2013-02-06 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, 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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