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AUD/USD Low is Familiar Territory

AUD/USD Low is Familiar Territory

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Low is Familiar Territory

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: A Sunday gap down combined with record positioning and a major technical level adds up to potential for at least sharp short squeeze. The major technical level is the 2011 low (.9387), April 2010 high (.9387) and November 2009 high (.9405). 5 waves down from April high are evident with waves 1 and 5 roughly equal in price length. In the event that the Monday low doesn’t hold, keep in mind a gap that remains open from September 2010 at .9263/76.

FOREXTrading Strategy: Flat

LEVELS: .9221 .9263/76 .9389 .9494 .9598 .9745

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