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AUD/USD Consolidating Within Downtrend

AUD/USD Consolidating Within Downtrend

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly

AUD/USD Consolidating Within Downtrend

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 since breaking the line that extends off of the 2008 and January lows and the rate is flirting with a break of epic proportion. Resistance is .8890 and the swing pivot is .9111.” The market reversed at .8890. Look lower.

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

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