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AUDUSD Presses Against July High after 10280 Break

AUDUSD Presses Against July High after 10280 Break

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Presses Against July High after 10280 Break

Prepared by Jamie Saettele, CMT

AUDUSD price action this July is eerily similar to AUDUSD price action in July 2011. In both instances, price traded sideways for the first few days of the month and then sharply lower into the 61.8% retracement of the previous rally before quickly retracing the decline. If the pattern continues then the AUDUSD would be in for several days of weakness before taking off towards 10473 and maybe even 10600. 10150-10200 is support.

LEVELS: 10200 10235 10275 10330 10370/80 10473

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.