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AUD/USD Trades to and Reverses from Significant Price Point

AUD/USD Trades to and Reverses from Significant Price Point

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trades to and Reverses from Significant Price Point

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-AUDUSD gapped higher to trade to its highest level since 6/19. The high for the day was made in the first hour of trade on Sunday night.

-Price traded to a level that has served as a significant pivot since November 2007. The November 2007 high, November 2009 high, April 2010 high, and October 2011 low are no further than 13 pips from Monday’s high.

-The measured move from the break earlier this year is well below the current level (near .7700).

Trading Strategy: Can be short and hope…but that’s not a great idea. Below .9220 would probably break the near term uptrend. Wait.

LEVELS: .9115 .9216 .9244 | .9350 .9387 .9439

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

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