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AUD/USD Probably at Center of Corrective Pattern

AUD/USD Probably at Center of Corrective Pattern

2013-03-07 22:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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

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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

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