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AUD/USD Churns; .9200 Could Be in Play as Important Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-“A final high (above the April high) is possible in order to complete impulses at multiple degrees of trend (from the May low and January low). That high appears to be in place. The high so far is on 7/1, which a day that exhibited high volume. The action after a high volume day suggests that the new high was exhaustive in nature.”

-The rate has yet to follow through on its reversal week and crack .9328 but impulsive weakness from .9504 does suggest we’ll see lower levels before higher levels. Ultimately, the confluence of former lows and the 200 DMA at .9200 could provide support for the next bull leg.

LEVELS: .9201 .9275 .9346 | .9400 .9430 .9460

--Tradingideas are availabletoJ.S. Trade Desk members.

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