AUD/USD Weekly Key Reversal; Follow Through is Key
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-Last Wednesday’s AUDUSD 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 (pennant?) and price is below the support line.
-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.
-10/23 volume (CME futures) was the highest since 9/18, which was a short term top.
LEVELS: .9484 .9528 .9567 | .9620 .9670 .9697
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.