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AUD/USD Tags 8/26 High and 20 day Average

AUD/USD Tags 8/26 High and 20 day Average

2013-09-03 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Hourly

eliottWaves_aud-usd_body_audusd.png, AUD/USD Tags 8/26 High and 20 day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The AUDUSD decline for a 5th consecutive month in August. The last 2 instances of 5 consecutive down months are November 2008 and May 2000. In both instances, the AUDUSD was positive the next month.

-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 from the 8/5 low.

-Price pulled back on Tuesday after reached the 8/26 high.

Trading Strategy: A pullback from here could complete the final stages of a bullish base for a run at .9130+.

LEVELS: .8931 .8963 .9013 | .9100 .9130 .9160

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