eliottWaves_aud-usd_body_audusd.png, AUD/USD Trading Like a Bucking Bronco

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. Divergences with NZDUSD can help identify near term turns.

FOREXTrading Strategy: Stay long, target .9600

LEVELS: .9035 .9085 .9118 .9230 .9338 .9400