AUD/USD Doing Best to Frustrate Both Sides

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Doing Best to Frustrate Both Sides

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Pattern - the AUDUSD decline from the April high is mature and possibly complete in 5 waves. Wave 4 is from the 6/3 high (.9791). Wave 5 from that level is a diagonal and wave 5 of 5 is also a diagonal (and truncated). Momentum – downside momentum has slowed significantly. The lowest close for the entire move (7/5) was accompanied by an RSI reading above 30. Sentiment – speculative interests, as evidenced by COT, are extremely short.

FOREXTrading Strategy: Looking for a low tonight between .9063 and .9085.

LEVELS: .9036 .9063 .9085 .9160 .9252 .9329

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