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AUD/USD Trading Like a Bucking Bronco

By , Sr. Technical Strategist
11 July 2013 23:42 GMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trading Like a Bucking Bronco

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Pattern - the AUDUSD decline from the April high is mature and possibly complete in 5 waves. Wave 4 is from the 6/3 high (.9791). Wave 5 from that level is a diagonal and wave 5 of 5 is also a diagonal (and truncated). Momentum – downside momentum has slowed significantly. The lowest close for the entire move (7/5) was accompanied by an RSI reading above 30. Sentiment – speculative interests, as evidenced by COT, are extremely short.” The AUDUSD has broken through to new highs for July so continue to look higher but watch for resistance from .9343. Divergences with NZDUSD can help identify near term turns.

FOREXTrading Strategy: Stay long, target .9600

LEVELS: .9035 .9085 .9118 .9230 .9338 .9400

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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11 July 2013 23:42 GMT