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AUD/USD Next Possible Level for a Bounce is .8750

AUD/USD Next Possible Level for a Bounce is .8750

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

AUD/USD Next Possible Level for a Bounce is .8750

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“AUDUSD arguably completed a head and shoulders top today. The pattern’s objective is .8971 but there is possible support from .9135 (2 equal legs down and former highs from March).”

-The target was reached 4 days after the pattern completed but AUDUSD has continued lower after a bounce on 9/16. Currently trading near the August 2013 low at .8847, the next possible support is .8750/55. Resistance is estimated at .8950-.9000.

--Tradingideas are availabletoJ.S. Trade Desk members.

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