AUD/USD Dips Back into Former Range; .8925 is Possible Support

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eliottWaves_aud-usd_body_Picture_8.png, AUD/USD Dips Back into Former Range; .8925 is Possible Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-I wrote yesterday that “The AUDUSD break above .9004 opens the door for a move into .9188 (measured objective from .9004-.8819 range). .9004 is now possible support.” AUDUSD failed to hold .9004 and has dipped into the prior range. .8925/57 is possible support.

-Continue to favor a larger upward correction as long as the lows hold. “In general, resistance is likely from .9167-.9267. This zone is identified as a region to return to a longer term short position.”

Trading Bias: Flat

LEVELS: .8820 .8880 .8925 | .9019 .9054 .9120

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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