AUD/USD at Long Term Trendline
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. A close above .7450 is needed in order to indicate a reversal.” AUDUSD crashed below .7100 and reversed on Monday but we still need traction over .7450 in order to change even the near term picture.