AUD/USD Wave Relationship at .9665 May Have Capped Rally
Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–AUDUSD has extended gains following the 10/10 outside day. In fact, Friday was the 8th consecutive daily advance.
-The rally from 8/5 consists of 5 distinct waves. A common relationship is equality between waves 1 and 5. In this case, wave 5 (from .9280) would equal wave 1 (.8847-.9232) at .9665. This is also the 6/14 high.
Trading Strategy: The market is stretched and this is a great place for a turn but there isn’t much evidence of a top just yet. Weakness below .9510 would suggest that a top is in place.
LEVELS: .9510 .9567 .9614 | .9665 .9710 .9791
Kategori: Analys från DailyFX