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AUD/USD Pending Breakout

AUD/USD Pending Breakout

Walker England, Forex Trading Instructor

Market Condition: AUD/USD Pending Breakout

Target 1: .7524

Target 2: .6429

AUD/USD, Daily Trend with Support & Resistance

(Created Using TradingView Charts)

The AUD/USD has started 2017 with a bounce off of last month’s low. With the pair firmly beneath the 200 day MVA (simple moving average), traders may wait for a new low to be created to consider fresh bearish breakout entries. For reference, the December 2016 low is found at .7159. Traders may find initial targets near .6794, which represents a 100% extension from the previous swing high of .7524.

In the event that prices remain supported, traders may elect to trade an AUD/USD retracement. Next resistance is found near .7370, and has been identified by drawing a trendline from a series of previous swing highs. Alternatively in the event that the AUD/USD trades through this trendline, it may suggest that the pair is preparing for a broader reversal. In this scenario, traders may look for the pair to approach the 200 day MVA near .7505 to confirm this opinion.

(Created Using TradingView Charts

--- Written by Walker, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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