AUD/USD Drift Higher is No Place for a Short Term Bear
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-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.
-AUDUSD action is corrective from the 9/18 high. The suggestion is that we’ll probably see higher prices eventually. In the meantime, .9488 (2 equal legs from .9280) and .9325 are trading levels.
-Channel support could come into play this week. The line is at .9277 on Thursday.
Trading Strategy: GBPAUD is a short on strength into 1.6950.
LEVELS: .9333 .9387 .9413 | .9488 .9528 .9580
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