AUD/USD .9800 Provides Relief Rally; but For How Long?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: .9800 (78.6% of rally from .9580) was reached Thursday and price closed beneath the trendline extends off of the 2011 and 2012 lows. Any strength likely proves corrective…specifically as a 4th wave within a 5 wave decline. .9700 is the next level of interest on the downside followed by the measured level (from the break of the recent range) at .9605. .9905/25 is now near term resistance.
FOREXTrading Strategy: Bias is still short…now against 1.0170. Looking to short again between .9905 and .9925. This chart continues to play out.
LEVELS: .9605 .9700 .9800 .9848 .9905/25 .9977
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.