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AUD/USD .9800 Provides Relief Rally; but For How Long?

By , Sr. Technical Strategist
16 May 2013 21:33 GMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD .9800 Provides Relief Rally; but For How Long?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: .9800 (78.6% of rally from .9580) was reached Thursday and price closed beneath the trendline extends off of the 2011 and 2012 lows. Any strength likely proves corrective…specifically as a 4th wave within a 5 wave decline. .9700 is the next level of interest on the downside followed by the measured level (from the break of the recent range) at .9605. .9905/25 is now near term resistance.

FOREXTrading Strategy: Bias is still short…now against 1.0170. Looking to short again between .9905 and .9925. This chart continues to play out.

LEVELS: .9605 .9700 .9800 .9848 .9905/25 .9977

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16 May 2013 21:33 GMT