AUD/USD Finally Takes Out .9700

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.
eliottWaves_aud-usd_body_audusd.png, AUD/USD Finally Takes Out .9700

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The AUDUSD is quickly approaching its .9605 target…this is where the decline from under 1.0114 would equal the width of the 1.0624-1.0114 range. However, be careful near term as a print below .9710 could complete a 5th wave and give way to another corrective advance. Not to mention, .9700 is the 88.6% retracement, 5/23/12 low, and close of the low day for 2012 (June 1st).” We got that print. .9605 is still possible but so too is a rally back towards .9840 or higher.

FOREXTrading Strategy: Moved from bearish to flat today.

LEVELS: .9553 .9580 .9605 .9750 .9841 .9918

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