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AUD/USD Close is Highest Since 6/19 Ahead of Event Risk

AUD/USD Close is Highest Since 6/19 Ahead of Event Risk

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Close is Highest Since 6/19 Ahead of Event Risk

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: On a daily close basis, the AUDUSD and NZDUSD are no longer divergent. The AUDUSD registered its highest daily close since 6/19 and closed just above a trendline confluence (trendline off of 6/3 and 6/14 highs and trendline off of 6/26 and 7/11 highs). CPI is tonight, which makes the run at the highs and highest close since 6/19 more interesting. Near term support is estimated at .9240/60…weakness below there would put the AUDUSD back at risk.

FOREXTrading Strategy: There is an inverse head and shoulders look to price action since 6/20. The short term setup is there and that’s all you can ask for. On a bigger picture swing basis, the AUDUSD is actually nearing resistance to think about selling. Beware of a run up on news through .9344 before the market pulls back yet again however.

LEVELS: .9173 .9222 .9260 .9304 .9344 .9433

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