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AUD/USD Rally Falters Intraday…Trendline Still Below

By , Sr. Technical Strategist
24 April 2013 22:31 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rally Falters Intraday…Trendline Still Below

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The slow arduous rally from just above the trendline that extends off of the 2012 and 2013 lows may be the beginning of a move back into 1.0400. In fact, the AUDUSD might be lagging the NZDUSD. The sharp declines from the highs may be announcing larger downtrends but there is room for a move higher from here to complete a flat correction from the 4/15 low. A rally into 1.0400/47 could accompany a last gasp high in stocks too.

FOREXTrading Strategy: Looking to sell above 1.0400…if we don’t get then will look to sell a break next week.

LEVELS: 1.0115 1.0194 1.0260 1.0358 1.0396 1.0447

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24 April 2013 22:31 GMT