A’h, that’ll be Jamie on the phone now having a heart attack! Ok, I’m exaggerating slightly. The last down leg started at .9075 and fell to .8080, and the 61.8% retracement of this move is at .8690. Many professional AUD/USD traders follow the 20-day MA religiously and it is coming in at .8695 today. Finally, the first spike lower was to .8715 and that now also becomes a resistance level. If you believe that we are in a 4th wave retracement and that there is another big 5th leg bear wave to come, then levels around those mentioned make strong technical sense. It’s still 200 pips away but the way these pairs have been moving around, anything is possible.
