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AUD/USD Key Reversal after .9300 Tag Warns of Drop

AUD/USD Key Reversal after .9300 Tag Warns of Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Key Reversal after .9300 Tag Warns of Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-It took 3 tries, but AUDUSD followed through on its breakout. The advance would consist of 2 equal legs from the January low at .9310. The 2011 low is at .9386. One of these levels may inspire a reaction.

-2 key reversals in the last 3 days warns of a top. .9190 is still support and a break under channel support is needed to negate larger bullish implications.

LEVELS: .9119 .9153 .9213 | .9263 .9310 .9344

--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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