AUD/USD Responds to 78.6% Level
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Most recent comments were that “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.” The reversal at the 78.6% retracement and subsequent drop below Monday’s low is a good start for a drop into at least 1.0305/45.
FOREXTrading Strategy: Short, stop on daily close above 1.0500, target 1.0310
LEVELS: 1.0260 1.0310 1.0342 1.0500 1.0543 1.0597