AUD/USD Takes Out Prior 4 Weeks’ Lows in One Day

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Takes Out Prior 4 Weeks’ Lows in One Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The AUDUSD fell through just about everything today before finding a low a few pips below the 61.8% retracement of the rally from the March low. 1.0290-1.0300 is also the November low and 3/6 high. The drop below 1.0345 leaves the near term trend and immediate breakout potential in question however.

FOREXTrading Strategy: If price can hold 1.0300 on a daily closing basis on Tuesday, then I’ll consider longs again…a drop into 1.0235/50 and close above 1.0300 would be even better. RBA policy meeting minutes are tonight.

LEVELS: 1.0115 1.0194 1.0290 1.0347 1.0420 1.0479

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