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AUDUSD into Support While Yen Awaits Bank of Japan  Join our daily free Newsletter

MENAFN - DailyFX - 18/09/2012

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I wrote yesterday regarding the AUDUSD that “several days of congestion are probably underway in the AUDUSD after the test of the August high washed out a crowded group of shorts. Initial support is 10487 but a test of 10400/26 (preferably on a reaction to news tonight) would present an opportunity to buy a dip against 10320 for upside continuation through month end.”

This morning’s low is at 10410 (so far). It is possible that the decline from above 10600 composes wave a of an a-b-c correction or even an impulse, therefore it’s important to minimize risk as soon as possible. I’ll move the stop to breakeven if price trades above 10485.

The Bank of Japan rate decision is tonight. From the Daily Technicals – “I maintain that the USDJPY drop on 9/13 completed a terminal thrust from a triangle. The minimum objective is the top of the triangle at 8061 although interruptions are to be expected along the way, specifically 7903, 7965, and 8009. 7802/46 is now support. I’m bullish on dips into mentioned support against 7750.” The decline from 7892 is in 3 waves (corrective) and qualifies as a dip. Look higher.

AUDUSD – Daily Bars

AUDUSD_into_Support_While_Yen_Awaits_Bank_of_Japan_body_audusd.png, AUDUSD into Support While Yen Awaits Bank of Japan

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.


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