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AUD/USD Holds Fibonacci Support

AUD/USD Holds Fibonacci Support

2013-04-16 21:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Holds Fibonacci Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The AUDUSD found low at the 61.8% retracement of the rally from the March low. 1.0290-1.0300 is also the November low and 3/6 high. The drop below 1.0345 leaves the near term trend and immediate breakout potential in question however but it’s a good sign that the decline stopped where it did. The current situation reminds me of the 2/25 decline in the Yen crosses (both Monday’s followed by Tuesday inside days).

FOREXTrading Strategy: Wrote yesterday that “if price can hold 1.0300 on a daily closing basis on Tuesday, then I’ll consider longs again…a drop into 1.0235/50 and close above 1.0300 would be even better.” We didn’t get the final drop. Although I like the action at the 61.8%, near term structure isn’t clear enough to warrant longs.

LEVELS: 1.0193 1.0289 1.0356 1.0420 1.0470 1.0544

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