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AUD/USD Holds Near Term Fibonacci Support Zone

AUD/USD Holds Near Term Fibonacci Support Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Holds Near Term Fibonacci Support Zone

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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. Price has held the estimated B wave support of 1.0185-1.0207, thus the stage is set for a C wave rally into 1.0374-1.0413.

FOREXTrading Strategy: Rallies should be sold but the target sale area is 1.0374-1.0413 (former 4th wave and 61.8% retracement). Recent commentary has noted that “short term traders might have an opportunity to buy for a countertrend buy near 1.0200 for 1.0374-1.0413”. That opportunity came Sunday night on the open. The next swing move is to sell into higher levels.

LEVELS: .9968 1.0113 1.0194 1.0300 1.0374 1.0413

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