AUD/USD Resistance is Estimated at .9860

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Resistance is Estimated at .9860

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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. Something much more bearish is possible given this week’s break below the trendline that extends off of the 2011 and 2012 lows. .9700 is a level that could produce a bounce into .9800/60. .9700 is the 88.6% retracement, 5/23/12 low, and close of the low day for 2012 (June 1st).

FOREXTrading Strategy: Bias is still short…now against 1.0020. Looking to short again between .9860 and .9895. The intersection of the broken multiyear trendline and underside of the downward sloping channel (in red) occurs on 5/23 at about .9865.

LEVELS: .9605 .9700 .9771 .9860 .9918 .9977

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