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AUD/USD Rallies into Line off of July and August Highs

AUD/USD Rallies into Line off of July and August Highs

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_aud-usd_body_audusd.png, AUD/USD Rallies into Line off of July and August Highs

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.

-Price is testing the line that extends off of the July and August highs.

-Exceeding .9232 could complete a 3 wave move from .8847. The legs would be equal at .9277.

-.9140/50 is support for Thursday

Trading Strategy: Flat

LEVELS: .9036 .9071 .9150 | .9232 .9277 .9317

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

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