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AUD/USD Drift Higher is No Place for a Short Term Bear

AUD/USD Drift Higher is No Place for a Short Term Bear

2013-10-09 20:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, 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

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

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