AUD/USD Near Term at Risk Below .9400

DailyFX

4Hour

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Near Term at Risk Below .9400

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-AUDUSD has completely retraced last Wednesday’s large range (largest in 20 days) advance.

-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.

-Daily RSI(21) exceeded 60 and dropped back below. This event has indicated important turns throughout 2013.

Trading Strategy: Can see price headed lower while under .9400 towards .9230 before a bounce. If that scenario unfolds, then will look to sell that bounce.

LEVELS: .9244 .9284 .9335 | .9380 .9426 .9480

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