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AUD/USD Responds at Trendline Resistance

AUD/USD Responds at Trendline Resistance

2013-02-14 20:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Responds at Trendline Resistance

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).” The response at the confluence of trendline resistance and former support is a good sign for bears.

FOREXTrading Strategy: “The trailing stop was hit at 10350 (original entry 10370). I’m looking to short into trendline resistance (10375 on Thursday) / 20 day average with a 10460 stop.” 10375 wasn’t quite reached and action is bearish but I’d rather wait for a Sunday/Monday high to sell against 10460 than do it here. The 20 day average comes into play near 10400.

LEVELS: 10192 10227 10307 10370 10400 10460

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