AUD/USD-Watch for Intersection of Measured Level and Trendline Next Week

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eliottWaves_aud-usd_body_audusd.png, AUD/USD-Watch for Intersection of Measured Level and Trendline Next Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Extensions of the recent AUDUSD range project .9114 (161.8%) and .8984 (200%). .8984 is of particular interest due to participants’ obsession with big round figures. If/when the market approaches .9000, expect many to proclaim terrible things for AUDUSD if it breaks .9000. The level is also home to a steep downward sloping trendline. Near term, a 4th wave rally may carry to .9290-.9313 before the new lows are registered.

FOREXTrading Strategy: Flat

LEVELS: .8774 .8984 .9114 .9290 .9340 .9380

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