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AUD/USD Range Trading Favored; .9440 and .9325 are Levels of Interest

Jamie Saettele, CMT

4Hour

eliottWaves_aud-usd_body_audusd.png, AUD/USD Range Trading Favored; .9440 and .9325 are Levels of Interest

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader


-AUDUSD action is corrective from the 9/18 high. The suggestion is that we’ll probably see higher prices eventually. In the meantime, .9440 and .9325 are trading levels.


-Price has reached the 38.2% retracement of the April-August decline. The next resistance would be the 100% expansion of the 8/19-8/30 decline at .9573 and 2012 low at .9580.


-Channel support could come into play next week.


Trading Strategy: Flat


LEVELS: .9280 .9323 .9365 | .9440 .9480 .9528

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