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AUD/USD Could Spend Some Time Up Here Before Next Bear Leg

AUD/USD Could Spend Some Time Up Here Before Next Bear Leg

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Could Spend Some Time Up Here Before Next Bear Leg

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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. Another level of note is where the rally from 1.0114 would consist of 2 equal waves at 1.0494.” The bulk of the rally from 1.0114 is probably complete but strong momentum on this move suggests the AUDUSD may spend some more time up here before rolling over for the next wave down. There are sure to be some false tops put in before wave 3 or C towards parity and below commences.

FOREXTrading Strategy: The intermediate trend (and maybe major but we don’t know yet) is identified as down (against 1.0597) and the minor trend is up so we should look to position ourselves for the short side BUT it’s best to let the final subdivisions of this rally play out. One needn’t be sidetracked when greener pastures await (GBPUSD for example). I’m keeping an eye on the 50% level in EURAUD for timing the next AUDUSD top.

LEVELS: 1.0194 1.0225 1.0300 1.0413 1.0494 1.0543

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