AUD/USD Rally Reverses in Vicinity of July Low
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.”
-“Focus remains lower towards .7100/50. A close above .7450 is needed in order to indicate a reversal.” AUDUSD is now below the long term trendline (2001-2008 lows). The next big level of interest on the downside probably isn’t until the 1999 high and 2004 low at .6747/71 although the April-May range expansion at .6902 is worthy of note. Support could come in near .6980.
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