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AUD/USD .9160s Still Possible; .8900 is Breakdown Level

AUD/USD .9160s Still Possible; .8900 is Breakdown Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD .9160s Still Possible; .8900 is Breakdown Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“AUDUSD completed a nearly 3 month head and shoulders pattern last week. The target for the pattern is .9511. Consider the path higher as long as price is above .8972. Breakouts can and do fail. If this one is going to fail, then the most likely places to do so are .9167 or .9268.”

-The market has followed through on Friday’s reversal. Support came in from the line that extends off of the January and March lows. .9165 remains possible resistance.

LEVELS: .8889 .8943 .8987 | .9043 .9084 .9105

--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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