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AUD/USD 3rd Large Range Reversal in Last 12 Days

AUD/USD 3rd Large Range Reversal in Last 12 Days

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD 3rd Large Range Reversal in Last 12 Days

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 “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.” Price reached the slipped below the first level before reversing sharply. This is the 3rd such large range reversal (key reversal and range >= average 20 day range) since May 23rd. The week’s range is also the largest since the week that ended 6/8/2012. This all adds up to the market trying to form a low, if only to retrace a portion of the decline from 1.0581.

FOREXTrading Strategy: EURAUD short is a possibility with the AUDUSD reversal.

LEVELS: .9264 .9389 .9434 .9673 .9790 .9841

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