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AUD/USD Rallies into Resistance; Another Low Soon?

AUD/USD Rallies into Resistance; Another Low Soon?

2013-08-06 22:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, AUD/USD Rallies into Resistance; Another Low Soon?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “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).” The AUDUSD rallied into .8997 during European hours on Tuesday and spent the rest of the day consolidating. The current level up to .9083 is a good place for a 4th wave top. A final low in wave 5 could satisfy the measured level near .8700.

FOREXTrading Strategy: Flat

LEVELS: .8800 .8847 .8928 .8997 .9083 .9207

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