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AUD/USD .9840/80 Still of Interest as Resistance

AUD/USD .9840/80 Still of Interest as Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD .9840/80 Still of Interest as Resistance

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 AUDUSD traded to its lowest level since 10/4/2011 on Wednesday before reversing sharply. A long legged key reversal at an important level (the long held AUDUSD target of .9605 has been reached but has never been closed below) after a brutal decline is consistent with at least a near term low. From an Elliott perspective, a rally would probably compose a 4th wave and could carry back to .9841 before the next top forms.” The underside of the line that extends off of the 2011 and 2012 lows is at about .9890 this week.

FOREXTrading Strategy: Looking for a high between .9840 and .9890.

LEVELS: .9639 .9695 .9735 .9841 .9890 .9918

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