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AUD/USD Holds Close of August Low Day; .9060-.9110 Now Resistance

AUD/USD Holds Close of August Low Day; .9060-.9110 Now Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD Holds Close of August Low Day; .9060-.9110 Now Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

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.” Higher RSI peaks with lower price peaks is indicative of a bear market. Current conditions are range and it’s not out of the question that a low is in place but a look at related pairs, particularly NZDUSD, suggest we stick with a larger bearish bias for now.

FOREXTrading Strategy: .9058-.9110 is now the resistance zone for shorts.

LEVELS: .8891 .8931 .8993 .9058 .9110 .9149

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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