AUD/USD Rally Falters Intraday…Trendline Still Below
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The slow arduous rally from just above the trendline that extends off of the 2012 and 2013 lows may be the beginning of a move back into 1.0400. In fact, the AUDUSD might be lagging the NZDUSD. The sharp declines from the highs may be announcing larger downtrends but there is room for a move higher from here to complete a flat correction from the 4/15 low. A rally into 1.0400/47 could accompany a last gasp high in stocks too.
FOREXTrading Strategy: Looking to sell above 1.0400…if we don’t get then will look to sell a break next week.
LEVELS: 1.0115 1.0194 1.0260 1.0358 1.0396 1.0447