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AUD/USD Stubbornly Holding 10200

AUD/USD Stubbornly Holding 10200

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Stubbornly Holding 10200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: It’s a waiting game with the AUDUSD. Each drop is followed quickly by congestion with the net result being a grind lower. Keep in mind recent comments that “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).” Weakness may accelerate with price below the 200 day average.

FOREXTrading Strategy: Bearish, especially below 10340, but exceeding 10245 could trigger a move back to 10300.

LEVELS: 10080 10148 10182 10260 10292 10340

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

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