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AUD/USD Short Term Triangle Could Result in 1.0500 Thrust

Jamie Saettele, CMT

Daily Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD Short Term Triangle Could Result in 1.0500 Thrust

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The bulk of the AUDUSD rally from 1.0114 is probably complete but strong momentum on this move suggests the AUDUSD may spend some more time up here before rolling over for the next wave down. There are sure to be some false tops put in before wave 3 or C towards parity and below commences.

FOREXTrading Strategy: The 50% retracement of the rally from the 2012 low in EURAUD was reached yesterday and the EURAUD retraced yesterday’s entire decline today. I maintain that we are close to an important AUDUSD turn but may not get it until near 1.0485.

LEVELS: 1.0194 1.0225 1.0300 1.0413 1.0494 1.0543

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