AUD/USD Inside Day at Resistance from Late May Low

DailyFX

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Inside Day at Resistance from Late May Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-AUDUSD made an inside day at resistance (5/29 low). After such an extended move, an inside day serves as a turn warning.

-Price has reached the 38.2% retracement of the April-August decline. The next resistance would be the 100% expansion of the 8/19-8/30 decline at .9573 and 2012 low at .9580.

-Weakness below .9390 (prior peak) and especially .9365 (pre-Fed level) would suggest that the market has reversed.

Trading Strategy: Watching .9580 for possible top. Trading for a new high after the run we’ve seen lately within a larger bear market is risky business.

LEVELS: .9284 .9365 .9390 | .9480 .9530 .9580

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