AUD/USD Consolidates after Breakdown

Daily

Chart Prepared by Jamie Saettele, CMT

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-“June’s AUDUSD range (3.4%) was the smallest monthly range since October (3.05%). In fact, the intermonth plots of price action for June and October are virtually identical. Both time series form 3 wave corrective (A-B-C) patterns. However, Monday’s reversal warns of a false breakdown. The rate is at resistance now so we should a better idea of direction over the next few days.” Focus is lower towards .7100/50 as long as price is below .7737. Former lows at .7532 and .7597 may provide resistance.

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