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AUD/USD Range Could Tighten Between .8927 and .9080

AUD/USD Range Could Tighten Between .8927 and .9080

2014-02-20 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Range Could Tighten Between .8927 and .9080

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-After the largest bull run since the October high, AUDUSD may experience a deep pullback (at least). Support is estimated at .8887 and .8820/33.

-Thursday’s action however raises the possibility of a triangle unfolding from the 2/12 high. In other words, the range may tighten for a few days. .9060 and .8980 are possible reaction levels.

LEVELS: .8820 .8875 .8953 | .9023 .9058 .9085

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

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