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AUD/USD Breaks Support Line; Shorts Favored into 1.0200

AUD/USD Breaks Support Line; Shorts Favored into 1.0200

2013-05-07 19:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Breaks Support Line; Shorts Favored into 1.0200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote yesterday that “if there is going to be a sale, then it’s going to be on a break of the trendline and subsequent reaction into resistance (barring any clean intraday pattern).” The AUDUSD has broken the trendline that extends off of the 2012 and 2013 lows. Strength into 1.0208/20 would present an opportunity to short with a stop above the high of the breakout day (Tuesday) of 1.0253 for a break below 1.0114 and potential extension much lower. A break below 1.0114 and extension equal to the size of the 1.0114-1.0624 range yields a target of .9569 (close to the 2012 low). Levels of interest before then are Fibonacci confluences at .9980 and .9800.

FOREXTrading Strategy: Order to short 1.0205, stop 1.0260, targets .9980 and open

LEVELS: .9979 1.0115 1.0154 1.0208 1.0253 1.0322

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