AUD/USD Working on 5th Consecutive Down Month
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: From a pattern perspective, movements since the August low are corrective (3 waves up and 3 waves down) which raises the possibility of a triangle or flat. The implications from both would be for higher prices from the current level. This is just a possibility.
FOREXTrading Strategy: Trading on the upside isn’t yet warranted. Price would need to exceed the line that extends off of the 8/19 and 8/26 highs in order to warrant near term longs.
LEVELS: .8800? .8847 .8891 .8978 .9058 .9110
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