AUD/USD Dips into Range Lows ahead of Employment

| 12 december, 2013 | 0 kommentarer

4Hour

eliottWaves_aud-usd_1_body_Picture_8.png, AUD/USD Dips into Range Lows ahead of Employment

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.” Price reached .9167. A larger bottoming remains possible as long as Friday’s low is in place.

-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 on Friday. If price breaks to new lows, then I will have missed re-entry but there is an uncovered close to keep in mind from 8/30 at .8902. Finally, a decline this week will make 8 consecutive weekly drops. According to my data, that hasn’t happened since 1986!

LEVELS: .8902 .8989 .9029 | .9103 .9148 .9203

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

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Kategori: Analys från DailyFX

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