AUD/USD Failing to Follow Through on Outside Week Reversal

By DailyFx | Updated July 30, 2014 AAA

DailyFX.com -

Daily

AUD/USD Failing to Follow Through on Outside Week Reversal

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“A final high (above the April high) is possible in order to complete impulses at multiple degrees of trend (from the May low and January low).” That high appears to be in place. The high so far is on 7/1, which a day that exhibited high volume. The action after a high volume day suggests that the new high was exhaustive in nature but a break below .9328 is needed to indicate follow through on the reversal week.

LEVELS: .9302 .9362 .9384 | .9421 .9441 .9504

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    AUD/USD Candlestick Analysis: Waiting to Confirm Rebound

  2. Forex News

    Euro to Look Past Inflation Data, US Dollar May Fall on Soft ISM Print

  3. Forex News

    AUD/USD Technical Analysis: Opting Against Short Position

  4. Forex News

    Weekly Trading Forecast: Expect Heavy Seas Between NFPs, ECB and RBA

  5. Forex News

    Australian Dollar Looks to RBA Rate Decision to Break Deadlock

Trading Center