AUD/USD Uncovered Close at .9241 is a Near Term Target
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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.