AUDUSD Former Support is Resistance above 10200
Prepared by Jamie Saettele, CMT
The AUDUSD traded to a 2012 low last night before reversing and trading over 100 pips from its low. A daily key reversal formed in the process (just as one formed on 4/11) but stronger evidence is needed in order to suggest that a low is in place. In fact, the AUDUSD could trade into the 10300s and still be considered bearish on a medium term basis. Former lows at 10225/45 are interim resistance. I’m looking sideways/higher before bearish continuation towards 10043 (pivot low in December) and 9860 (December low).
Ideas: short on strength into 10225/50, stop 10365
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.