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AUD/USD Outside Day Reversal Warns of Emotional Top

AUD/USD Outside Day Reversal Warns of Emotional Top

2013-10-23 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, AUD/USD Outside Day Reversal Warns of Emotional Top

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Wednesday’s outside day reversal is consistent with the AUDUSD transitioning from an uptrend to something else (sideways or downtrend). The rally from the August low consists of 2 converging lines as well (pennant?).

-Bigger picture, the advance reversed in the vicinity of the June high (.9791), 2008 high (.9849) and at the channel that originates from the October 2012 low. This is a good place for a top.

-Volume (CME futures) was the highest since 9/18, which was a short term top.

Trading Strategy: Weakness under .9510 would put me in sell rally mode. Until then, I still think one is better off long EURAUD (which broke trendline resistance today).

LEVELS: .9498 .9528 .9567 | .9643 .9678 .9697

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