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AUD/USD Spending a Lot of Time Pressing Significant Trendline

AUD/USD Spending a Lot of Time Pressing Significant Trendline

2013-04-04 23:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Candles

eliottWaves_aud-usd_body_audusd.png, AUD/USD Spending a Lot of Time Pressing Significant Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The longer that the AUDUSD spends trading around the trendline from the 2011 highs, the more one must consider the possibility of an upside breakout. It’s a waiting game right now but ideally we get an answer regarding the larger trend with this week’s close.

FOREXTrading Strategy: Went flat today as being long USD just didn’t feel right with the EURUSD and GBPUSD reversals.

LEVELS: 1.0260 1.0310 1.0385 1.0500 1.0543 1.0600

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