Weekly Bars

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Prepared by Jamie Saettele, CMT

The AUDUSD fell as low as 9926 last night, making the decline from the July record high 1154 pips in less than a month. The August range is 11.18% thus far, which is the highest since May 2010. Having found support from a line that extends off of the December 2010 and March 2011 lows, the AUDUSD could see a sharp snapback rally. The 200 day average at 10300 and June low at 10390 are levels of interest. Of note is the 38.2% retracement from the 2010 low, which is at 9927.