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AUD/USD Fills Gap; Former Lows Remain Resistance

AUD/USD Fills Gap; Former Lows Remain Resistance

2013-12-17 21:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Fills Gap; Former Lows Remain Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-AUDUSD former supports are now estimated resistance at .8988 and .9055. The trend is pointed lower as long as price is below .9167.

-The 8/30 uncovered close at .8900 has been reached but the head and shoulders target isn’t until a new low…at .8802.

Trading Strategy: In the event of a bounce into trendline resistance (probably above .90), we may be able to return to a short position.

LEVELS: .8770 .8803 .8847 | .8946 .8988 .9050

--- 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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