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AUD/USD Action offers No Reason Fight Weakness

AUD/USD Action offers No Reason Fight Weakness

2013-02-07 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Action offers No Reason Fight Weakness

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: It’s possible that this is the beginning of the larger AUDUSD 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 remain in play against 10460. I’ll look to tighten the stop when appropriate.

LEVELS: 10148 10192 10230 10330 10415 10460

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