AUD/USD Next Test - .8770 or .9165?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-Last week’s outside reversal broke a string of 10 consecutive down weeks, something that had not happened since 1982.
-The bounce from the 12/18 low is shallow and corrective. Still, the specter of 5 waves down from the Oct high at least warns of a stronger rally attempt. .9167 (former 4th wave price extreme) to .9267 (former range low) is likely resistance.
Trading Bias: Flat
LEVELS: .8770 .8820 .8859 | .8914 .8952 .9004
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.