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AUD/USD Engulfs Monday and Tuesday; .9365 Now Resistance

AUD/USD Engulfs Monday and Tuesday; .9365 Now Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Engulfs Monday and Tuesday; .9365 Now Resistance

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).

-Since testing the 9/30 low, price has advanced more than expected. Still, the series of lower highs is in order below .9542.

Trading Strategy: “Currently short. Original stop was .9550. Stop has been lowered to .9475. The 9/13 uncovered close is at .9241 so target half at .9250.”

LEVELS: .9222 .9244 .9302 | .9365 .9408 .9440

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

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