AUD/USD Faces Test Near Top of Mutli-Month Range
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: The AUDUSD rally has stalled at the 78.6% retracement of the decline from the July high. A large range weekly key reversal last week supports a bottoming process but the current level is not the place to turn bullish. Daily RSI has recovered slightly above 50. Corrective rallies within larger downtrends often end when RSI reaches 50 or 60.
FOREXTrading Strategy: Order to short .9250, stop .9330, target half at .8935
LEVELS: .8928 .9004 .9099 .9198 .9252 .9317
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