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AUD/USD Responding to .9440 Resistance; Near Term Range Favored

AUD/USD Responding to .9440 Resistance; Near Term Range Favored

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Responding to .9440 Resistance; Near Term Range Favored

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-AUDUSD action is corrective from the 9/18 high. The suggestion is that we’ll probably see higher prices eventually. In the meantime, .9440 and .9325 are trading levels (price has responded to resistance around .9440).

-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.

-Channel support could come into play this week.

Trading Strategy: Flat

LEVELS: .9323 .9354 .9387 | .9458 .9480 .9528

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