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AUD/USD Rejected at 78.6 Level Again

By , Sr. Technical Strategist
03 April 2013 22:23 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rejected at 78.6 Level Again

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: No change: “The reversal at the 78.6% retracement and subsequent drop below Monday’s low is a good start for a drop into at least 1.0305/45.” The downside remains favored until at least 1.0300 (former resistance and 50% retracement) for the next few weeks although it’s possible that this move is the beginning of something ‘bigger’….don’t forget that price remains within the triangle that began at the 2011 high and is failing once again at triangle resistance.

FOREXTrading Strategy: Still short, stop on daily close above 1.0500, target half at 1.0310. Need below 1.0385 in order to get aggressive though.

LEVELS: 1.0260 1.0310 1.0385 1.0500 1.0543 1.0600

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03 April 2013 22:23 GMT