Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
AUDUSD - Yesterday's Key Reversal Could Speak Volumes

AUDUSD - Yesterday's Key Reversal Could Speak Volumes

Paul Robinson, Strategist

Talking Points:

  • Key reversal day on highest volume day since June of 2013
  • Traded down to under-side of multi-month channel support
  • Inverse 'Head-and-shoulders' developing on the 4-hr

Yesterday’s key reversal day in AUDUSD on massive volume has brought into question whether it has found some type of bottom or not. The low of yesterday came at the under-side of a multi-month channel, and dialing in a bit closer (4-hr time-frame) we can see an inverse ‘Head-and-shoulders’ pattern under development. Recently, I have held a bearish stance on AUD through cross pairs, so I will be carefully monitoring this situation as it develops. On a break of yesterday’s high (7852), the next area of significant resistance comes in between 8000-8100 (Pivot low last month/upper-channel line).

AUDUSD Daily/4-hr: Jul ’14 – Present

AUDUSD - Yesterday's Key Reversal Could Speak Volumes

--- Written by Paul Robinson, DailyFX Research

To contact Paul, you can email him at instructor@dailyfx.com

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

DISCLOSURES