AUD/USD Follows Through on Rebound from Former Resistance Line
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.” The pivot (where things change) can be moved down from .7450 to the 9/18 high of .7279. 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.
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