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AUD/USD Top Side of Broken Channel is Now Estimated Support

AUD/USD Top Side of Broken Channel is Now Estimated Support

2013-07-16 19:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_aud-usd_body_audusd.png, AUD/USD Top Side of Broken Channel is Now Estimated Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The AUDUSD has almost retraced the entire decline from 7/11. Previous comments remain valid – “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).” .9146/70 is now estimated support (watch the top side of former channel resistance).

FOREXTrading Strategy: Flat but looking for a higher low (above .8997).

LEVELS: .9048 .9146 .9171 .9304 .9433 .9600

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