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AUD/USD Dip Complete?

AUD/USD Dip Complete?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Dip Complete?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: To recap; “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.” Diagonals are often retraced so look towards .9791 although we need to pay attention to the 5/23 big volume day / reversal day close at .9745. Wrote yesterday to “expect support in the .9431-.9480 zone.” Tuesday’s low was .9439. Allowing for a test of Tuesday’s low, I’m looking higher.

FOREXTrading Strategy: Long order was missed by mere pips today…keeping it there. “Order to go long at .9435, stop .9320, target .9745.”

LEVELS: .9361 .9393 .9431 .9571 .9665 .9745

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

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