AUD/USD Firms into Former Low at .9420

| 18 november, 2013 | 0 kommentarer

Daily

eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Firms into Former Low at .9420

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

Bigger picture, the market broke from a symmetrical triangle the week that ended 5/17/2013. The recent top is just pips from that close level (with an outside day reversal on 10/23) and right at channel resistance.

-The advance from the August low is defined by converging lines (pennant, common in bear market advances).

-Since testing the 9/30 low, price has advanced more than expected. Still, the series of lower highs is in order below .9542.

Trading Strategy: “Currently short. Original stop was .9550. Stop has been lowered to .9475. The 9/13 uncovered close is at .9241 so target half at .9250.”

LEVELS: .9244 .9302 .9350 | .9420 .9475 .9542

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Kategori: Analys från DailyFX

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