AUD/USD Rally a 4th Wave Correction before Another Low?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Interested in automated trading with Mirror Trader?
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 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 .9018 .9083 .9207
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.