Australian Dollar Rally Stalls at Channel
Prepared by Jamie Saettele, CMT
The AUDUSD declined into the US open before reversing to end the day down .5%. Interestingly, the .5% decline is the second largest daily decline for January (behind 1/5). It is too early to say with confidence that a larger correction of the bull move from the December low is complete but reward/risk favors the downside towards the confluence of the 20 day average, 200 day average and channel support at 10410/25. Exceeding 10653 would shift focus to the October high at 10752.
Bottom Line – flat
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