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AUD/USD .9365 Eyed as Resistance for Bearish Operators

AUD/USD .9365 Eyed as Resistance for Bearish Operators

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD .9365 Eyed as Resistance for Bearish Operators

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-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 advance from the August low is defined by converging lines (pennant, common in bear market advances).

-The market is consolidating following the test of the 9/30 low. Resistance is estimated from .9343 to .9390 with .9365 being the sweet spot.

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.

LEVELS: .9190 .9240 .9290 | .9340 .9365 .9390

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

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