AUD/USD Sideways Action Enters 4th Day
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-AUDUSD recently confirmed a head and shoulders top. The weak right shoulder suggests an exceptionally vulnerable market.
-The 11/26 outside day allows bearish risk to be tightened to .9210. Exceeding that level would shift focus to .9250/67 (re-test of broken support).
Trading Strategy: The first target was hit at .9250. The stop on the remainder is.9210. The head and shoulders target is below the year to date low of .8847.
LEVELS: .9013 .9055 .9106 | .9168 .9203 .9250
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.