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AUD/USD Trades into Fibonacci Confluence

AUD/USD Trades into Fibonacci Confluence

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trades into Fibonacci Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Most recent comments were that “momentum on this move suggests the AUDUSD may spend some more time up here before rolling over for the next wave down. There are sure to be some false tops put in before wave 3 or C towards parity and below commences.” The AUDUSD has now reached a level that could produce the next top. Weakness below 1.0443 would be the first sign of something bearish.

FOREXTrading Strategy: Pending short.

LEVELS: 1.0342 1.0413 1.0443 1.0500 1.0543 1.0597

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

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