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AUD/USD Brushes off Bad ‘News’

AUD/USD Brushes off Bad ‘News’

2013-04-11 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Brushes off Bad ‘News’

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change: “The AUDUSD remains well supported. The reversal at structural support on Monday (former 4th wave) is bullish. 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.”

FOREXTrading Strategy: Went long on 4/9 and would like to see price stay above former range high if 1.0496 on daily closing basis but 1.0345 is the stop for now. A measured objective based on the range since August is 1.1135. if price can break through then breakout systems are of interest.

LEVELS: 1.0345 1.0420 1.0500 1.0626 1.0669 1.0763

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