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AUD/USD Former Low Near .90 is Now Estimated Resistance

AUD/USD Former Low Near .90 is Now Estimated Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_aud-usd_body_audusd.png, AUD/USD Former Low Near .90 is Now Estimated Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

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. The former low at .8997 is estimated resistance along with .9080 (.9083 is big volume and .9078 is the monthly pivot).

FOREXTrading Strategy: Flat

LEVELS: .8677 .8800 .8847 .8997 .9083 .9207

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