AUD/USD .9200s is Estimated Resistance This Week

| 9 december, 2013 | 0 kommentarer

4Hour

eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD .9200s is Estimated Resistance This Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

AUDUSD formed an outside day reversal on Friday.

-The drop to a new low after NFP appears to have completed 5 waves down from the 12/2 high. A complete retracement of that decline would return price to the ‘former 4th wave’ at .9167. In general, .9167-.9203 is resistance.

-A re-test of the breakdown level from the head and shoulders top at .9267 is possible as well.

Trading Strategy: Larger trend is still down but I am flat at the moment after being trailed out of a month long short position at .9080. Short term support is estimated at .9065. .9200 may be the level to think about turning bearish again.

LEVELS: .8989 .9019 .9064 | .9121 .9167 .9203

— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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Kategori: Analys från DailyFX

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