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AUD/USD .9344 is Important Pivot

AUD/USD .9344 is Important Pivot

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD .9344 is Important Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: There is conflicting evidence as long as AUDUSD is below .9344. Bulls can cite “the 5 wave rally from the 7/12 low.” Bears will cite the inability of AUDUSD to exceed highs while the NZDUSD does make highs. It’s never a good idea to buy into the top of a range, especially in a larger downtrend. Either buy on reactions into support against the low or on a break higher. The strongest level of support is probably closer to .9110/20. This area is defined by big volume, former resistance, month open, and the 61.8% of the rally off of the low.

FOREXTrading Strategy: Fat

LEVELS: .9048 .9120 .9168 .9290 .9344 .9433

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