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AUD/USD-Watch for Intersection of Measured Level and Trendline Next Week

AUD/USD-Watch for Intersection of Measured Level and Trendline Next Week

2013-06-20 23:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, AUD/USD-Watch for Intersection of Measured Level and Trendline Next Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Extensions of the recent AUDUSD range project .9114 (161.8%) and .8984 (200%). .8984 is of particular interest due to participants’ obsession with big round figures. If/when the market approaches .9000, expect many to proclaim terrible things for AUDUSD if it breaks .9000. The level is also home to a steep downward sloping trendline. Near term, a 4th wave rally may carry to .9290-.9313 before the new lows are registered.

FOREXTrading Strategy: Flat

LEVELS: .8774 .8984 .9114 .9290 .9340 .9380

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