AUD/USD Has Now Retraced Half of the Year’s Range

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.
eliottWaves_aud-usd_body_audusd.png, AUD/USD Has Now Retraced Half of the Year’s Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The AUDUSD rally from 8/5 consists of 5 distinct waves. Price has exceeded where wave 1 would equal 5 at .9665 and tested the 50% retracement of the 2013 range (.9722).

-The next level of interest is the June high at .9791. Another wave relationship occurs at .9775; where wave 5 would travel the price distance of wave 4 (.9527 + .9527-.9280).

Trading Strategy: The market is stretched and this is a great place for a turn but there isn’t evidence of a top. Keep focused on .9775/90.

LEVELS: .9604 .9643 .9678 | .9722 .9775/91 .9841

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