AUD/USD Seemingly Pinned to Pre-Fed Level

DailyFX

4Hour

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.
eliottWaves_aud-usd_body_audusd.png, AUD/USD Seemingly Pinned to Pre-Fed Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-AUDUSD made an inside day at resistance on Thursday (5/29 low). After such an extended move, an inside day serves as a turn warning.

-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: Price has tested the pre-Fed level twice. Weakness below .9335 would probably open up a bigger move lower. Near term NZDUSD structure is clearer.

LEVELS: .9244 .9284 .9335 | .9412 .9457 .9528

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