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AUD/USD Relief Rally Would Likely Find Resistance Near .9080

AUD/USD Relief Rally Would Likely Find Resistance Near .9080

2013-08-01 23:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_aud-usd_body_audusd.png, AUD/USD Relief Rally Would Likely Find Resistance Near .9080

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The false break last week reinforces the idea about the AUDUSD correcting its momentum and sentiment primarily through time and also that the bigger trade is probably still short. The range of a bit more than 300 pips (.8997-.9317) can be used to estimate the extent of the next move.” Near term momentum is waning so don’t be surprised to see a relief rally. .9080 (.9083 is big volume and .9078 is the monthly pivot) would probably serve as strong resistance.

FOREXTrading Strategy: Flat

LEVELS: .8677 .8800 .8910 .9009 .9035 .9083

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