Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–AUDUSD traded to its highest level since 6/19 on Monday.
-Price traded to a level that has served as a significant pivot since November 2007. The November 2007 high, November 2009 high, April 2010 high, and October 2011 low are no further than 13 pips from Monday’s high.
-The measured move from the break earlier this year is well below the current level (near .7700).
-Resistance from here if price continues higher is the 38.2% of the decline from the April high at .9510 and the 100% expansion of the 8/19-8/30 decline at .9573.
Trading Strategy: Below .9220 would probably break the near term uptrend. Until then, bears are fighting the tape.
LEVELS: .9115 .9216 .9244 | .9350 .9387 .9439