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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
AUD/USD Uncovered Close at .9241 is a Near Term Target

AUD/USD Uncovered Close at .9241 is a Near Term Target

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Uncovered Close at .9241 is a Near Term Target

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-AUDUSD has followed through on the reversal that ended the week of 10/25. 10/23 was the day of the top and an outside day reversal formed that day.

-Bigger picture, the market broke from a symmetrical triangle the week that ended 5/17/2013. The recent top is just pips from that close level (with an outside day reversal on 10/23) and right at channel resistance.

-The rally from the June low forms 2 converging lines and can be called a pennant. These patterns are often seen in the early stages of large bear markets.

Trading Strategy: Currently short. Original stop was .9550. Stop has been lowered to .9475. .9190-.9300 could produce consolidation / corrective activity. The 9/13 uncovered close is at .9241 so target half at .9250. AUDJPY and EURAUD are also in play.

LEVELS: .9115 .9190 .9243 | .9311 .9340 .9370

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