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AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low

AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low

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 exceeded the Sep high of .9528 but failed to close above. Be aware of the 2012 low at .9580 as possible resistance if reached.

-Structure of the advance from the 9/30 low is overlapping. It’s possible that the move is an ending diagonal. The poke above the line that extends off of the 10/1 and 10/8 high may compose a ‘throwover’ that is typical at the end of such moves.

Trading Strategy: Below .9420 would suggest that a top is in place. Until then, one can’t dismiss higher prices.

LEVELS: .9428 .9460 .9484 | .9547 .9580 .9665

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

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