AUD/USD Rally a 4th Wave Correction before Another Low?

DailyFX

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Rally a 4th Wave Correction before Another Low?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The range of a bit more than 300 pips (.8997-.9317) can be used to estimate the extent of the next move.” Near term momentum is waning so don’t be surprised to see a relief rally. The former low at .8997 is estimated resistance along with .9080 (.9083 is big volume and .9078 is the monthly pivot).” The current level up to .9083 is a good place for a 4th wave top. A final low in wave 5 could satisfy the measured level near .8700.

FOREXTrading Strategy: Flat

LEVELS: .8800 .8847 .8928 .9018 .9083 .9207

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