AUD/USD Finds Support Right at Pre-Fed Level of .9365
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-AUDUSD made an inside day at resistance on Thursday (5/29 low). After such an extended move, an inside day serves as a turn warning.
-Price has reached the 38.2% retracement of the April-August decline. The next resistance would be the 100% expansion of the 8/19-8/30 decline at .9573 and 2012 low at .9580.
-Daily RSI(21) exceeded 60 and dropped back below. This event has indicated important turns throughout 2013.
Trading Strategy: Sunday’s low occurred at the pre-Fed level (where price was at 2pm last Wednesday). Weakness back below would open up a move towards .9230 (former resistance). There are better defined setups in USDMXN, USDZAR and USDCAD however.
LEVELS: .9244 .9284 .9365 | .9480 .9530 .9580
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