Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: It’s a waiting game with the AUDUSD. Each drop is followed quickly by congestion with the net result being a grind lower. Keep in mind recent comments that “it’s possible that this is the beginning of the larger AUDUSD triangle E wave towards 9800-9900. The most aggressive AUDUSD target is 9700. This objective is reached by extending the 10148-10598 range from 10148 (10148 needs to break first of course).” Weakness may accelerate with price below the 200 day average.
FOREXTrading Strategy: Bearish, especially below 10340, but exceeding 10245 could trigger a move back to 10300.
LEVELS: 10080 10148 10182 10260 10292 10340