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AUD/USD is Pressured below .9525 Towards .9290-.9320

AUD/USD is Pressured below .9525 Towards .9290-.9320

2013-10-31 21:51:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD is Pressured below .9525 Towards .9290-.9320

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-AUDUSD 10/23 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 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.

Trading Strategy: Look lower as long as price is below .9525 (Thursday high) towards cited supports. Exceeding Thursday’s high would open up towards .9580-.9620 (where I’ll be looking to go short).

LEVELS: .9332 .9390 .9428 | .9485 .9525 .9570

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