AUD/USD Trades to 4 Month High; Pulls Back before 2012 Low
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-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
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