FOREX Technical Analysis: AUDUSD Pressing against Short Term Resistance
Forex pairs in this Article »
AUD/USD
Daily Bars
Chart Prepared by Jamie Saettele, CMT
FOREXObservations: Last Wednesday's price action constitutes a JS Spike (emotional top) but the decline from the top may be in just 3 waves. There are valid bearish counts (such as a flat from the 11/7 low in which case the AUDUSD would pop above 10443 before turning lower again), but the lack of a clean bearish impulse necessitates that we at least allow for a test of the high.
FOREXTrading Strategy Implications: "The Wednesday reversal is enough to be bearish&" but confidence is low. Exceeding 10479 could result in extension towards 10550. Weakness below 10359 is needed to put the bearish path comfortably back on track.
LEVELS: 10330 10368 10407 10443 10480 10550
Chart Prepared by Jamie Saettele, CMT
FOREXObservations: Last Wednesday's price action constitutes a JS Spike (emotional top) but the decline from the top may be in just 3 waves. There are valid bearish counts (such as a flat from the 11/7 low in which case the AUDUSD would pop above 10443 before turning lower again), but the lack of a clean bearish impulse necessitates that we at least allow for a test of the high.
FOREXTrading Strategy Implications: "The Wednesday reversal is enough to be bearish&" but confidence is low. Exceeding 10479 could result in extension towards 10550. Weakness below 10359 is needed to put the bearish path comfortably back on track.
LEVELS: 10330 10368 10407 10443 10480 10550
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