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AUD/USD Inside Day; New Low May Give Way to Recovery

AUD/USD Inside Day; New Low May Give Way to Recovery

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD Inside Day; New Low May Give Way to Recovery

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-AUDUSD continues to break down following the completed head and shoulders top on 11/21. The objective from this pattern is .8802 (below the Aug low).

-Levels that may provide support however are a short term measured level at .8942, the 8/5 close at .8928 (day of the 2013 low), and the 8/30 close at .8899 (uncovered).

-.9089 is possible resistance. A drop to a new low could complete 5 waves down from the 12/2 high and give way to a recovery.

Trading Strategy: Stop has been tightened to .9150 and the target is .8910.

LEVELS: .8900 .8928 .9019 | .9089 .9145 .9203

--- 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.

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