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AUD/USD 7th Day Up; Wave Relationship at .9665 Could Cap Rally

AUD/USD 7th Day Up; Wave Relationship at .9665 Could Cap Rally

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_aud-usd_body_audusd.png, AUD/USD 7th Day Up; Wave Relationship at .9665 Could Cap Rally

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-AUDUSD has extended gains following the 10/10 outside day. In fact, today was the 7th consecutive advance. This is the first such instance since 11/5/10.

-The rally from 8/5 consists of 5 distinct waves. A common relationship is equality between waves 1 and 5. In this case, wave 5 (from .9280) would equal wave 1 (.8847-.9232) at .9665. This is also the 6/14 high.

Trading Strategy: The market is stretched up here. Weakness below .9510 would suggest that a top is in place. The mentioned .9665 is a great place for a top.

LEVELS: .9480 .9510 .9594 | .9665 .9710 .9791

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

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