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AUD/USD Break above .9400 Muddles Near Term

By , Sr. Technical Strategist
01 October 2013 22:32 GMT

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Break above .9400 Muddles Near Term

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The AUDUSD advance from .9280 retraced exactly 61.8% of the decline from the 9/18 high.

-Price has reached the 38.2% retracement of the April-August decline. The next resistance would be the 100% expansion of the 8/19-8/30 decline at .9573 and 2012 low at .9580.

-Daily RSI(21) exceeded 60 and dropped back below. This event has indicated important turns throughout 2013.

Trading Strategy: Flat

LEVELS: .9244 .9284 .9335 | .9434 .9480 .9528

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01 October 2013 22:32 GMT