News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Path of Least Resistance is Towards .9300

AUD/USD Path of Least Resistance is Towards .9300

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Path of Least Resistance is Towards .9300

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.

Trading Strategy: Shorted the break after Aussie employment last night. Stop is .9550 and target is .9300. .9225-.9300 is an area to expect consolidation. AUDJPY is setup for a short. A GBPAUD bullish breakout is valid above 1.6860 (see EURUSD section for EURAUD).

LEVELS: .9320 .9388 .9420 | .9470 .9510 .9542

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES