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AUD/USD a Short Term Range Trader Delight

AUD/USD a Short Term Range Trader Delight

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD a Short Term Range Trader Delight

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: There isn’t much to say until the range clears up. “Structurally, everything since 6/24 is corrective (I won’t speculate on the pattern). It’s too early to tell if corrective trading is complete.” Estimated supports are .9085 and .9044.

FOREXTrading Strategy: The false break on Wednesday reinforces the idea about the AUDUSD correcting its momentum and sentiment primarily through time and also that the bigger trade is probably still short. Resistance has been reached but there is nothing from a pattern perspective that favors a trade on either side right now.

LEVELS: .9085 .9120 .9185 .9317 .9344 .9440

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