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AUD/USD Shows Signs of Weakness but Still Within Channel

AUD/USD Shows Signs of Weakness but Still Within Channel

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Shows Signs of Weakness but Still Within Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The bulk of the AUDUSD 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. The 50% retracement of the rally from the 2012 low in EURAUD was reached today at 1.2400 so we may be close to an AUDUSD turn. Weakness below the channel would be a start.

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.

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