AUD/USD Shorts Favored above 1.0400

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Shorts Favored above 1.0400

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “It’s possible that this is the beginning of the larger AUDUSD triangle E wave towards 9800-9900. The most aggressive AUDUSD target is 9700. This objective is reached by extending the 10148-10598 range from 10148 (10148 needs to break first of course).”

FOREXTrading Strategy: Looking to short strength above 10400. Resistance is estimated from the 50% retracement of the decline from 10597 at 10412 and where the rally from 10226 would consist of 2 equal legs at 10422. 10460 (February high) is risk for bears.

LEVELS: 10192 10227 10307 10374 10410/20 10460

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