AUD/USD Larger Corrective Pattern Taking Hold?
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-The AUDUSD measured level from the latest break is .8554. The December low at .8820 has rejected strength so far this week. Additional resistance would come in at .8864 and trendline resistance, which is at .8910 on Friday and decreases about 8 pips per day.
-This market made a massive outside week 2 weeks ago. The week actually engulfed the prior 4 weeks. It’s impossible to know whether the move constitutes exhaustion or the beginning of the next leg down but it’s often best to respect trend.
LEVELS: .8577 .8682 .8755 | .8805 .8820 .8864
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