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AUD/USD Rallies…Then Falls Apart

AUD/USD Rallies…Then Falls Apart

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Rallies…Then Falls Apart

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: It looks like the ‘short squeeze’ I was looking for is going to come from lower levels. 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).” The AUDUSD rallied into FOMC but fell apart afterwards. Extensions of the recent range project .9114 (161.8%) and .8984 (200%).

FOREXTrading Strategy: Was stopped out of longs today. Flat for now…have to look lower at this point but risk is too large to participate from here.

LEVELS: .8774 .8984 .9114 .9340 .9380 .9433

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