Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The AUDUSD rally from 8/5 consists of 5 distinct waves. Price has exceeded where wave 1 would equal 5 at .9665 and tested the 50% retracement of the 2013 range (.9722).
-The next level of interest is the June high at .9791. Another wave relationship occurs at .9775; where wave 5 would travel the price distance of wave 4 (.9527 + .9527-.9280).
Trading Strategy: The market is stretched and this is a great place for a turn but there isn’t evidence of a top. Keep focused on .9775/90.
LEVELS: .9604 .9643 .9678 | .9722 .9775/91 .9841