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AUD/USD Intraday Pattern Favors Longs on a Dip

By , Sr. Technical Strategist
17 July 2013 22:40 GMT

Hourly

eliottWaves_aud-usd_body_audusd.png, AUD/USD Intraday Pattern Favors Longs on a Dip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: For the first time in a long time, near term wave structure favors a bullish interpretation in AUDUSD. The rally from the 7/12 low (which stopped me out of longs) is unmistakably in 5 waves. A pattern this clean means that the market is trying to tell participants something important. It’s wise to listen. Initial support is the 4th wave low at .9190 and intraday pivots in recent days at .9146 and .9168 could also provide support but the strongest level of support is probably closer to .9110/20. This area is defined by big volume, former resistance, month open, and the 61.8% of the rally off of the low.

FOREXTrading Strategy: Order to go long at .9120, stop .8990, target open but with .9600 in mind.

LEVELS: .9114 .9146 .9190 .9262 .9291 .9344

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17 July 2013 22:40 GMT