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AUD/USD Nears Range Highs; Watch for Failure

AUD/USD Nears Range Highs; Watch for Failure

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Nears Range Highs; Watch for Failure

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-AUDUSD has extended gains following the 10/10 outside day. Price is nearing the top of the range represented by the Sep high at .9528. If exceeded, then focus would shift to the June low at .9580.

-Structure of the advance from 9/30 low is a grind but so too was the decline from the Sep high. The suggestion is that the a triangle or flat is underway from the Sep high. Both case point lower in the near term.

Trading Strategy: Below .9425 would suggest that a short term top is in place and shift focus to .9325/45.

LEVELS: .9388 .9428 .9460 | .9528 .9580 .9665

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