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AUD/USD Next Few Days Could Get Tricky

AUD/USD Next Few Days Could Get Tricky

2013-05-21 22:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Next Few Days Could Get Tricky

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The AUDUSD is quickly approaching its .9605 target…this is where the decline from under 1.0114 would equal the width of the 1.0624-1.0114 range. However, be careful near term as a print below .9710 could complete a 5th wave and give way to another corrective advance. Not to mention, .9700 is the 88.6% retracement, 5/23/12 low, and close of the low day for 2012 (June 1st).

FOREXTrading Strategy: Still bearish but now against .9840 (Tuesday high) and only looking for a drop into .9700 before what will probably be a multi week bounce. Above .9840 would shift focus to resistance from the 5/15 high at .9918.

LEVELS: .9605 .9700 .9771 .9860 .9918 .9977

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