News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Double Inside Day at Measured Level

AUD/USD Double Inside Day at Measured Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Double Inside Day at Measured Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: Wrote last Monday that “action since 5 am on 6/20 could compose a 4th wave flat correction in which case the AUDUSD would top before .9433 and register one more low before a sharp reversal. Make no mistake, we are close and I want to be long…but timing is critical (always is).” The AUDUSD topped last Wednesday at .9344 before dropping to a new low. The double inside day Monday and Tuesday along with Sunday’s open at the low is consistent with a low. What’s more, the low (so far) of .9112 is just 2 pips below a measured level (161.8 of recent range).

FOREXTrading Strategy: Given the reasons cited, I’m long with a .9110 stop. If stopped out then will look for a low near the next measured level of .8984.

LEVELS: .8860 .8984 .9112 .9194 .9265 .9329

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

DISCLOSURES