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AUD/USD Double Inside Day at Measured Level

AUD/USD Double Inside Day at Measured Level

2013-07-02 23:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, AUD/USD Double Inside Day at Measured Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote last Monday that “action since 5 am on 6/20 could compose a 4th wave flat correction in which case the AUDUSD would top before .9433 and register one more low before a sharp reversal. Make no mistake, we are close and I want to be long…but timing is critical (always is).” The AUDUSD topped last Wednesday at .9344 before dropping to a new low. The double inside day Monday and Tuesday along with Sunday’s open at the low is consistent with a low. What’s more, the low (so far) of .9112 is just 2 pips below a measured level (161.8 of recent range).

FOREXTrading Strategy: Given the reasons cited, I’m long with a .9110 stop. If stopped out then will look for a low near the next measured level of .8984.

LEVELS: .8860 .8984 .9112 .9194 .9265 .9329

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