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AUDUSD Testing Underside of Former Trendline Support

AUDUSD Testing Underside of Former Trendline Support

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Testing Underside of Former Trendline Support

Prepared by Jamie Saettele, CMT

“Bigger picture information, such as RSI failing before 70 on the daily and near 50 on the weekly, makes turning bullish a risky proposition in my opinion.” If the larger AUDUSD trend is down, then price should turn down now with 240 minute RSI pressing against 60 and RSI divergence on the hourly. Exceeding 10328 would shift focus to the 61.8% retracement of the decline form late February at 10370.

LEVELS: 10100 10155 10200 10280 10330 10370

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