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AUD/USD Bottoming Process Underway as Event Risk Looms

AUD/USD Bottoming Process Underway as Event Risk Looms

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Bottoming Process Underway as Event Risk Looms

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Record positioning and a major technical level add 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 the April high are evident and a diagonal (wedge) may be complete from .9791. In the event that the Tuesday low doesn’t hold, keep in mind a gap that remains open from September 2010 at .9263/76.

FOREXTrading Strategy: The risk is certainly higher but employment is tonight…the environment is perfect for a rally back towards .9800 but there could be a lot could happen on the news release and I don’t like taking a stand before then.

LEVELS: .9263/76 .9325 .9432 .9600 .9673 .9748

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