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AUD/USD Pulls Back off of July-August Trendline

By , Sr. Technical Strategist
05 September 2013 23:30 GMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Pulls Back off of July-August Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The AUDUSD decline for a 5th consecutive month in August. The last 2 instances of 5 consecutive down months are November 2008 and May 2000. In both instances, the AUDUSD was positive the next month.

-Price is testing the line that extends off of the July and August highs.

-Exceeding .9232 could complete a 3 wave move from .8847. The legs would be equal at .9277.

-A triangle remains possible, in which case the range would tighten for the next week+ before a break lower.

Trading Strategy: Flat

LEVELS: .9013 .9036 .9071 | .9140 .9187 .9232

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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05 September 2013 23:30 GMT