AUD/USD Threatening Significant Breakdown

DailyFX

Weekly Bars

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Threatening Significant Breakdown

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The AUDUSD closed the week below the line that extends off of the October and December lows. It’s possible that this is the beginning of the larger triangle E wave towards 9800-9900. Still, price remains above the latest swing low of 10344. Weakness below there would warrant a bearish breakout strategy towards 9700.

FOREXTrading Strategy: Short a break below 10344 against 10476.

LEVELS: 10287 10360 10401 10476 10554 10598

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