4Hour
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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–AUDUSD covered the 9/13 close (.9243) this week and confirmed a head and shoulders top. The weak right shoulder suggests an exceptionally vulnerable market.
-.9250 and just broken support at .9267 is now the estimated resistance zone. Near term support may reside between .9069 and .9115.
Trading Strategy: The first target was hit at .9250. The stop on the remainder is lowered to .9450. Plans are to add to the position above .9250, although signs of failure near .9200 may warrant action.
LEVELS: .9013 .9069 .9115 | .9197 .9249 .9268
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com