AUD/USD, USD/JPY, Dollar & More: Charts at a Glance
AUD/USD had a look in its eye to end 2019 that hinted at a possibly broad trend reversal after having been stuck in such a persistent downtrend since early 2018. Breaking of trend-lines, higher-highs since bottoming in Q4 may have all been part of a larger corrective pattern, though.
The swift turn lower the past few sessions has knee-capped the idea that maybe Aussie will gain traction. It still could, but potential has given-way significantly to the notion that the price action the past few months is only corrective in nature in an ongoing downtrend. Next up as support is the lower parallel off the October 1 low. A bounce from there could develop, but a break below is seen as kicking off an even larger move lower.
AUD/USD Daily Chart (strong down-move has lower parallel in focus)
USD/JPY ended last year by breaking a very tight 2.5 month-long channel. Price is currently testing resistance around 10850, a turn down from there should get the pair resuming lower towards the next shelf of support around the 10650-line.
USD/JPY Daily Chart (channel breakdown)
For all the charts we looked at, check out the video above…
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.