AUD/USD Clears .9600; 5/23 Close Viewed as Important

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Clears .9600; 5/23 Close Viewed as Important

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: To recap; “Record positioning and a major technical level add 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 the April high are evident and a diagonal (wedge) may be complete from .9791.” Diagonals are often retraced so look towards .9791 although we need to pay attention to the 5/23 big volume day / reversal day close at .9745. The near term picture could get difficult with last Thursday’s high in the way at .9673.

FOREXTrading Strategy: Looking for a pullback from nearby (above .9673?)…will assess for a buy the dip scenario next week.

LEVELS: .9431 .9540 .9600 .9673 .9745 .9791

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