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AUD/USD Closes in on 2.5 Year Trendline; ‘Snapback’ Risk Increases

AUD/USD Closes in on 2.5 Year Trendline; ‘Snapback’ Risk Increases

2013-05-14 21:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Closes in on 2.5 Year Trendline; ‘Snapback’ Risk Increases

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: AUDUSD near term focus is on .9800 (78.6% of rally from .9580) although the line that extends off of the 2011 and 2012 lows is at about .9858 on Wednesday. The presence of these levels increases the risk of a bounce…resistance is estimated between .9977 and parity.

FOREXTrading Strategy: I exited the short today but the bias is still short…now against 1.0170. Looking to short again between .9977 and 1.0030. The decline may take a more choppy form from this level down to .9700.

LEVELS: .9700 .9800 .9855 .9939 1.0003 1.0030

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

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