AUD/USD Trades to Greater than 3 Year Low; H&S Target at .8802
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-AUDUSD is at its lowest level since Aug 2010. Former supports remain estimated resistance at .8988 and .9055. The trend is pointed lower as long as price is below .9167.
-The head and shoulders target is at .8802. It’s worth noting that AUDJPY formed an outside day reversal at important (91.16) support.
Trading Strategy: NOT trading AUDUSD but order to go long AUDJPY at 92.00, stop 91.00 and targeting at least the top of the recent range (94.20/60).
LEVELS: .8632 .8770 .8803 | .8884 .8946 .8989
--- 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.