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AUD/USD Quickly Approaching Resistance Zone

AUD/USD Quickly Approaching Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Quickly Approaching Resistance 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.” Additional levels of note are where the rally from 1.0114 would consist of 2 equal waves, at 1.0385 and the 78.6% retracement at 1.0494.

FOREXTrading Strategy: Upside is viewed as countertrend but a dip into 1.0270/1.0300 would present an opportunity to get long against the Sunday low (1.0299) for a grind higher into 1.0413 or even 1.0500.

LEVELS: 1.0113 1.0194 1.0275 1.0374 1.0413 1.0494

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