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AUD/USD Rallies for 4th Consecutive Day and 7th out of 8

By , Sr. Technical Strategist
11 September 2013 20:41 GMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rallies for 4th Consecutive Day and 7th out of 8

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.

-Levels to watch for resistance remain parallel channel resistance, October 2011 low at .9387, July 2013 high at .9317, and 6/26 high at .9344.

-The push above the August high is NOT confirmed by a NZDUSD push above its August high.

Trading Strategy: On lookout for a tradeable high.

LEVELS: .9167 .9216 .9276 | .9344 .9387 .9439

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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11 September 2013 20:41 GMT