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AUD/USD Outside Week Follows 10 Consecutive Down Weeks

AUD/USD Outside Week Follows 10 Consecutive Down Weeks

2014-01-08 21:19:00
Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Outside Week Follows 10 Consecutive Down Weeks

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-Last week’s outside reversal broke a string of 10 consecutive down weeks, something that had not happened since 1982.

-The bounce from the 12/18 low is shallow and corrective. Still, the specter of 5 waves down from the Oct high at least warns of a stronger rally attempt. .9167 (former 4th wave price extreme) to .9267 (former range low) is likely resistance.

Trading Bias: Flat

LEVELS: .8820 .8859 .8890 | .8952 .9004 .9080

--- 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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