AUD/USD Second Consolidation offers High Reward to Risk

| 14 november, 2013 | 0 kommentarer

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Second Consolidation offers High Reward to Risk

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).

-The market is probably consolidating before the next leg down. The first consolidation within the move from the Oct high took 4 days (11/1-11/6). Tomorrow will be the 4th day of this consolidation.

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.” .9390 is still resistance.

LEVELS: .9190 .9240 .9290 | .9340 .9365 .9390

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Kategori: Analys från DailyFX

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