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AUD/USD Grind Higher Continues; 2012 Low is at .9580

AUD/USD Grind Higher Continues; 2012 Low is at .9580

2013-10-16 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, AUD/USD Grind Higher Continues; 2012 Low is at .9580

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: The market is stretched up here. Weakness below .9420 would suggest that a top is in place.

LEVELS: .9428 .9484 .9519 | .9580 .9665 .9710

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