Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The bulk of the AUDUSD rally from 1.0114 is probably complete but strong momentum on this move suggests the AUDUSD may spend some more time up here before rolling over for the next wave down. There are sure to be some false tops put in before wave 3 or C towards parity and below commences.
FOREXTrading Strategy: The 50% retracement of the rally from the 2012 low in EURAUD was reached yesterday and the EURAUD retraced yesterday’s entire decline today. I maintain that we are close to an important AUDUSD turn but may not get it until near 1.0485.
LEVELS: 1.0194 1.0225 1.0300 1.0413 1.0494 1.0543