AUDUSD Focus is Below Parity
240 Minute Bars
Prepared by Jamie Saettele, CMT
The AUDUSD is clear cut; 5 waves down from 10328 and 3 waves up from 10154 set the stage for a sharp 3rd (or c wave) decline. Levels of interest are 10070 (100% extension) and 9970 (161.8% extension and 6/25 low). I favor the more bearish 3rd wave interpretation (first objective 9970) as per my outlook for equities. To be sure, shorting risk in a low volatility environment is difficult to do psychologically but the setup is clean.
LEVELS: 9970 10070 10125 10210 10245 10285