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AUD/USD Close Below Parity is First in Exactly 11 Months

By , Sr. Technical Strategist
13 May 2013 12:19 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Close Below Parity is First in Exactly 11 Months

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote last week that “a break below 1.0114 and extension equal to the size of the 1.0114-1.0624 range yields a target of .9605 (close to the 2012 low). Levels of interest before then are Fibonacci confluences at .9980 and .9800. The shallow bounce into 1.0207 portends a weak market and suggests the next bear leg is sooner rather than later.” .9980 has already gone. Near term focus is on .9800. The line that extends off of the 2011 and 2012 lows is at about .9855 Tuesday.

FOREXTrading Strategy: Stay short, move stop on all to 1.0260, increase size above parity and decrease size at .9800. This is the time to consider an automated breakout strategy.

LEVELS: .9700 .9800 .9855 1.0003 1.0087 1.0154

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13 May 2013 12:19 GMT