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AUD/USD Drops into Trendline Support after Failed Breakout

AUD/USD Drops into Trendline Support after Failed Breakout

2014-03-20 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Drops into Trendline Support after Failed Breakout

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.”

-AUDUSD didn’t even make it to .9167. The outside day reversal paints an ugly near term picture as price also sits on trendline support. Higher highs and lows are in place so don’t dismiss higher levels still.

LEVELS: .8908 .8950 .8996 | .9085 .9124 .9167

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

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