FOREX Technical Analysis: AUD/USD Reverses Sharply During US Trading
Daily Bars
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: After coming within nearly 20 pips of the high (and our invalidation level), the AUD/USD sold off sharply. Price remains above the November low of 10329 of which a break would increase confidence in the downside towards 10275. Trendline support rests just below the current level but it's best to stick with the idea that a top is in place as identified by a JS Spike on 11/7.
FOREXTrading Strategy: Don't chase weakness in front of trendline support and the monthly low but if not already bearish, then you may wish to try on strength into 10400.
LEVELS: 10192 10275 10359 10400 10440 10480
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: After coming within nearly 20 pips of the high (and our invalidation level), the AUD/USD sold off sharply. Price remains above the November low of 10329 of which a break would increase confidence in the downside towards 10275. Trendline support rests just below the current level but it's best to stick with the idea that a top is in place as identified by a JS Spike on 11/7.
FOREXTrading Strategy: Don't chase weakness in front of trendline support and the monthly low but if not already bearish, then you may wish to try on strength into 10400.
LEVELS: 10192 10275 10359 10400 10440 10480
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