News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUD/USD Probably at Center of Corrective Pattern

AUD/USD Probably at Center of Corrective Pattern

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Probably at Center of Corrective Pattern

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “Recent evidence, including Monday’s reversal and rejection of the October low, suggests that the AUDUSD is taking a pause from the decline that began in January. Expectations are that the advance proves corrective but could carry back to 1.0374 (former 4th wave) or 1.0413 (61.8% retracement).” The first wave (wave A) of a corrective 3 wave (A-B-C) advance probably completed at 1.0300 today. Estimated support for wave B is 1.0185-1.0207 with an emphasis on 1.0185-1.0193.

FOREXTrading Strategy: Rallies should be sold but the target sale area is 1.0374-1.0413 (former 4th wave and 61.8% retracement). Short term traders might have an opportunity to buy for a countertrend buy near 1.0200 for 1.0374-1.0413.

LEVELS: 1.0114 1.0185 1.0207 1.0300 1.0340 1.0374

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

DISCLOSURES