Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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).
FOREXTrading Strategy: Still bearish but now against .9840 (Tuesday high) and only looking for a drop into .9700 before what will probably be a multi week bounce. Above .9840 would shift focus to resistance from the 5/15 high at .9918.
LEVELS: .9605 .9700 .9771 .9860 .9918 .9977
- Basic Materials Industry