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AUD/USD Responds to 78.6% Level

AUD/USD Responds to 78.6% Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Responds to 78.6% Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

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

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

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