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AUD/USD Looking for a Low on RBA Minutes

AUD/USD Looking for a Low on RBA Minutes

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Looking for a Low on RBA Minutes

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Diabolical AUDUSD trading resumes, which in itself may indicate that a low is nearby. Momentum has waned significantly with the last several closing lows generating RSIs above 30. The NZDUSD has failed to confirm the AUDUSD low as well (although that could change). Specific levels to watch for a low are the trendline confluence next week and 161.8% extension of the early June decline at .8911.

FOREXTrading Strategy: Flat but looking for a low tonight into RBA minutes.

LEVELS: .8858 .8911 .8997 .9118 .9180 .9304

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