AUD/USD Reacts at 50% of Recent Drop

By DailyFx | Updated August 28, 2014 AAA

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AUD/USD Reacts at 50% of Recent Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“Ultimately, the confluence of former lows and the 200 DMA at .9200 could provide important support for the next low. Failure to hold that level would open up retracement levels at .9080 and .8980.”

-Action since 8/21 suggests that a low is in now and that a strong advance is around the corner. .9370-.9403 is a reaction zone (there now).

--Tradingideas are availabletoJ.S. Trade Desk members.

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