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AUD/USD Straight Lines into Month Open; Resistance at .9060

By , Sr. Technical Strategist
21 August 2013 22:35 GMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Straight Lines into Month Open; Resistance at .9060

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The AUDUSD rally has stalled at the 78.6% retracement of the decline from the July high. A large range weekly key reversal last week supports a bottoming process but the current level is not the place to turn bullish. Daily RSI has recovered slightly above 50. Corrective rallies within larger downtrends often end when RSI reaches 50 or 60.”

FOREXTrading Strategy: .9058-.9110 is now the resistance zone for shorts. The bottom of this zone was actually reached after FOMC minutes.

LEVELS: .8847 .8891 .8928 .9011 .9058 .9110

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21 August 2013 22:35 GMT