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AUD/USD Rejected at 78.6 Level Again

AUD/USD Rejected at 78.6 Level Again

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rejected at 78.6 Level Again

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change: “The reversal at the 78.6% retracement and subsequent drop below Monday’s low is a good start for a drop into at least 1.0305/45.” The downside remains favored until at least 1.0300 (former resistance and 50% retracement) for the next few weeks although it’s possible that this move is the beginning of something ‘bigger’….don’t forget that price remains within the triangle that began at the 2011 high and is failing once again at triangle resistance.

FOREXTrading Strategy: Still short, stop on daily close above 1.0500, target half at 1.0310. Need below 1.0385 in order to get aggressive though.

LEVELS: 1.0260 1.0310 1.0385 1.0500 1.0543 1.0600

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

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