News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Makes First Outside Week Since Week of the Top

AUD/USD Makes First Outside Week Since Week of the Top

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_aud-usd_body_audusd.png, AUD/USD Makes First Outside Week Since Week of the Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: We had been looking for a 4th wave top near .9840 before new lows. The top on Monday was .9791 and I wasn’t quick enough to recognize the end of the correction in real time. The new low however satisfies minimum expectations for wave 5. Extension targets are 127%, 161.8% and 200% x the wave 4 range at .9456, .9365, and .9264. The 161.8% level is just 20 pips below the 2011 low. Above .9660 is needed to alleviate downside pressure.

FOREXTrading Strategy: Flat

LEVELS: .9264 .9365 .9456 .9586 .9656 .9758

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

DISCLOSURES