AUD/USD Traders Await RBA Decision

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eliottWaves_aud-usd_body_audusd.png, AUD/USD Traders Await RBA Decision

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The reversal at the 78.6% retracement and subsequent drop below Monday’s low is a good start for a drop into at least 1.0305/45.” The downside remains favored until at least 1.0300 (former resistance and 50% retracement) for the next few weeks although it’s possible that this move is the beginning of something ‘bigger’….don’t forget that price remains within the triangle that began at the 2011 high.

FOREXTrading Strategy: Short, stop on daily close above 1.0500, target 1.0310. RBA is a market mover tonight. I spoke at length during Monday’s webinar about how I am trading AUDUSD.

LEVELS: 1.0260 1.0310 1.0342 1.0400 1.0500 1.0543

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