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AUD/USD Pop Results in Test of Former Low

AUD/USD Pop Results in Test of Former Low

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Pop Results in Test of Former Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The AUDUSD measured level from the latest break is .8554 but be aware of possible trendline support (downward sloping) at .8712 this week.

-This market made a massive outside week last week. The week actually engulfs the prior 4 weeks. It’s impossible to know whether the move constitutes exhaustion or the beginning of the next leg down but it’s often bet to respect trend. The market has responded to .8887 as resistance. Possible support in the event of a period of tight range trade is .8810.

LEVELS: .8712 .8763 .8811 | .8875 .8935 .8968

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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