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AUD/USD Breaks Down Early and Snaps Back

Jamie Saettele, CMT


eliottWaves_aud-usd_body_audusd.png, AUD/USD Breaks Down Early and Snaps Back

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The AUDUSD rally has stalled at the 78.6% retracement of the decline from the July high. A large range weekly key reversal last week supports a bottoming process but the current level is not the place to turn bullish. Daily RSI has recovered slightly above 50. Corrective rallies within larger downtrends often end when RSI reaches 50 or 60.” Even if the rally from .8847 is the beginning of a larger rally, one would expect a deep setback (as is often the case at big turns).

FOREXTrading Strategy: Triggered short at .9145, stop .9225, target half at .8935

LEVELS: .8997 .9058 .9082 .9159 .9220 .9251

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