AUD/USD Almost Closes Gap…From 2010

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Almost Closes Gap…From 2010

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: A Sunday gap down combined with record positioning and a major technical level adds up to potential for at least sharp short squeeze. The major technical level is the 2011 low (.9387), April 2010 high (.9387) and November 2009 high (.9405). 5 waves down from April high are evident with waves 1 and 5 roughly equal in price length. In the event that the Monday low doesn’t hold, keep in mind a gap that remains open from September 2010 at .9263/76.

FOREXTrading Strategy: Employment is tomorrow…a final spike down on that release and reversal would be perfect.

LEVELS: .9221 .9263/76 .9389 .9494 .9598 .9745

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