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AUD/USD Retraces Most of Monday Advance; Range May Tighten

AUD/USD Retraces Most of Monday Advance; Range May Tighten

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_aud-usd_body_audusd.png, AUD/USD Retraces Most of Monday Advance; Range May Tighten

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: To review, “from an Elliott perspective…a rally would probably compose a 4th wave and could carry back to .9841 before the next top forms. The underside of the line that extends off of the 2011 and 2012 lows is at about .9890 this week.” After Tuesday’s drop, .9840/90 seems less likely (but not impossible). The correction in terms of price may be complete but perhaps not time (allow for the range to tighten) before the next move. Near term resistance is .9700.

FOREXTrading Strategy: Flat

LEVELS: .9503 .9528 .9593 .9696 .9766 .9841

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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