Watch 8000-8050 in the AUDUSD for potential support. The latest drop (to a new low) may complete a small 5th wave. Consolidation in a 4th wave could result in the pair trading back to 8300 over the next several days. Bottom line – the trend is down and corrections should be sold.
Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of Sentiment in the Forex Market. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to jsaettele@dailyfx.com.
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