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AUD/USD Wave Relationship at .9665 May Have Capped Rally

AUD/USD Wave Relationship at .9665 May Have Capped Rally

2013-10-21 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_aud-usd_body_audusd.png, AUD/USD Wave Relationship at .9665 May Have Capped Rally

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-AUDUSD has extended gains following the 10/10 outside day. In fact, Friday was the 8th consecutive daily advance.

-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 and this is a great place for a turn but there isn’t much evidence of a top just yet. Weakness below .9510 would suggest that a top is in place.

LEVELS: .9510 .9567 .9614 | .9665 .9710 .9791

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