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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

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

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

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