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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