AUD/USD Short Term Channel is a Reference Point
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.” It’s certainly possible of course that the AUDUSD tops before 1.0400/47 given the presence of channel resistance. I’m looking for a top.
FOREXTrading Strategy: Pending short, follow @JamieSaettele on Twitter for details
LEVELS: 1.0194 1.0261 1.0305 1.0396 1.0447 1.0500
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