AUD/USD Near Term at Risk Below .9400
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-AUDUSD has completely retraced last Wednesday’s large range (largest in 20 days) advance.
-Price has reached the 38.2% retracement of the April-August decline. The next resistance would be the 100% expansion of the 8/19-8/30 decline at .9573 and 2012 low at .9580.
-Daily RSI(21) exceeded 60 and dropped back below. This event has indicated important turns throughout 2013.
Trading Strategy: Can see price headed lower while under .9400 towards .9230 before a bounce. If that scenario unfolds, then will look to sell that bounce.
LEVELS: .9244 .9284 .9335 | .9380 .9426 .9480
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.