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AUDUSD Following July 2011 Script

AUDUSD Following July 2011 Script

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Following July 2011 Script

Prepared by Jamie Saettele, CMT

AUDUSD price action this July is eerily similar to AUDUSD price action in July 2011 (see channel on left side of the chart). 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.” The several days of weakness was skipped this time around as price has broken to its highest level since May 1st. Potential reversal levels include the current level (61.8% retracement and 61.8% extension of rally from June low), 10429 (May high), 10473 (100% extension of rally from 6/25 low and 4/27 high), and 10600 (100% extension of rally from June low and 2/23 low).

LEVELS: 10200 10235 10285 10370 10429 10473

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