Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trendline and Next Fibonacci Level Near 1.0200

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The drop below 1.0345 leaves the near term trend and immediate breakout potential in question.” The drop below Monday’s low opens up a move into the trendline drawn off of the June 2012 and March 2013 lows. That line is at 1.0205 Thursday and increases about 3 pips per day. The area that surrounds 1.0200 includes the reversal day close at 1.0194 and the 78.6% retracement of the rally from 1.0115 at 1.0215. The NZDUSD has not yet traded below Monday’s low. The inability of the NZDUSD to confirm the AUDUSD low is suspicious.

FOREXTrading Strategy: Flat

LEVELS: 1.0000 1.0115 1.0194-1.0215 1.0345 1.0396 1.0447