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AUD/USD Probes Monthly Lows but is Yet to Break

AUD/USD Probes Monthly Lows but is Yet to Break

2013-02-21 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Probes Monthly Lows but is Yet to Break

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).”

FOREXTrading Strategy: I wrote yesterday that “today’s drop necessitates that orders to short be moved down to 10305.” 10305 was just reached on a news spike. This is a longer term play with 9700 in mind. The initial stop is 10460.

LEVELS: 10148 10192 10247 10325 10375 10409

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