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AUD/USD Near term Focus is on 8/26 High at .9069

AUD/USD Near term Focus is on 8/26 High at .9069

2013-09-02 00:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_aud-usd_body_audusd.png, AUD/USD Near term Focus is on 8/26 High at .9069

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The AUDUSD gapped higher Sunday night, leaving an uncovered close at .8902. 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. Early week action supports the interpretation.

FOREXTrading Strategy: Looking higher as per range conditions (triangle or flat?) but nimble in front of RBA or GDP.

LEVELS: .8847 .8891 .8963 .9058 .9110 .9130

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