AUD/USD Consolidates Within Downtrend
Chart Prepared by Jamie Saettele, CMT
-“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.”
-“Focus remains lower towards .7100/50 but there is support down here from Fibonacci (127.2% extension of the April-May rally).” The line that extends off of the February and March lows also provided support. A close above downtrend resistance (near .7500) is needed in order to indicate a reversal is underway however.
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