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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.