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AUD/USD Rallies but Still Below Key 1.0500 Level

AUD/USD Rallies but Still Below Key 1.0500 Level

2013-04-02 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rallies but Still Below Key 1.0500 Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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.” The downside remains favored until at least 1.0300 (former resistance and 50% retracement) for the next few weeks although it’s possible that this move is the beginning of something ‘bigger’….don’t forget that price remains within the triangle that began at the 2011 high and is failing once again at triangle resistance.

FOREXTrading Strategy: Still short, stop on daily close above 1.0500, target half at 1.0310. It’s a good sign for bears that the RBA spike produced the high of the day and that the move was completely retraced. Need below 1.0385 in order to get aggressive though.

LEVELS: 1.0260 1.0310 1.0385 1.0500 1.0543 1.0600

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