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AUD/USD Monday Reversal Warrants Change in Short Term Bias

By , Sr. Technical Strategist
05 March 2013 21:29 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Monday Reversal Warrants Change in Short Term Bias

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Recent evidence, including Monday’s reversal and rejection of the October low, suggests that the AUDUSD is taking a pause from the decline that began in January. Expectations are that the advance proves corrective but could carry back to 1.0374 (former 4th wave) or 1.0413 (61.8% retracement).

FOREXTrading Strategy: Flat

LEVELS: 1.0080 1.0114 1.0182 1.0289 1.0340 1.0374

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05 March 2013 21:29 GMT