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AUDUSD Intraday Action Suggests Exhaustion

AUDUSD Intraday Action Suggests Exhaustion

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Intraday Action Suggests Exhaustion

Prepared by Jamie Saettele, CMT

The AUDUSD is consolidating around the 38.2% retracement of the rally from the June 1 low (10225). Intraday action is consistent with near term exhaustion and a more pronounced bounce. Estimated resistance is 10250/70 and the intraday picture at that level will determine whether or not I return to the short side. Exceeding that level would expose 10290 (former support) and present a higher reward/risk opportunity against 10405.

LEVELS: 10100 10165 10195 10250 10290 10325

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