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AUD/USD Trades to New High for Month; Near Term Focus is on .9350

AUD/USD Trades to New High for Month; Near Term Focus is on .9350

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trades to New High for Month; Near Term Focus is on .9350

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “Pattern - the AUDUSD decline from the April high is mature and possibly complete in 5 waves. Wave 4 is from the 6/3 high (.9791). Wave 5 from that level is a diagonal and wave 5 of 5 is also a diagonal (and truncated). Momentum – downside momentum has slowed significantly. The lowest close for the entire move (7/5) was accompanied by an RSI reading above 30. Sentiment – speculative interests, as evidenced by COT, are extremely short.” The AUDUSD has broken through to new highs for July so continue to look higher but watch for resistance from .9343.

FOREXTrading Strategy: Stay long, exit half at .9340

LEVELS: .9085 .9109 .9150 .9252 .9329 .9400

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

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