AUD/USD Makes First Outside Week Since Week of the Top
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: We had been looking for a 4th wave top near .9840 before new lows. The top on Monday was .9791 and I wasn’t quick enough to recognize the end of the correction in real time. The new low however satisfies minimum expectations for wave 5. Extension targets are 127%, 161.8% and 200% x the wave 4 range at .9456, .9365, and .9264. The 161.8% level is just 20 pips below the 2011 low. Above .9660 is needed to alleviate downside pressure.
FOREXTrading Strategy: Flat
LEVELS: .9264 .9365 .9456 .9586 .9656 .9758
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