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AUDUSD Threatens Major Channel Break

AUDUSD Threatens Major Channel Break

Christopher Vecchio, CFA, Senior Strategist

Daily Bars

eliottWaves_aud-usd_body_Picture_4.png, AUDUSD Threatens Major Channel Break

Prepared by Christopher Vecchio, Currency Analyst

Rejection at the key 1.0530/45 zone signaled further losses yesterday, and the sharp reversal has the AUDUSD threatening a major breakdown in the coming days. Daily support at 1.0400/20 was broken, bringing into focus 1.0380/85; a break and daily close below this level signals losses into channel support (off of the August 9 high) at 1.0330. Near-term resistance comes in at 1.0400/20 (channel support dating back to June, 200-SMA on 4-hour chart), 1.0460/80, 1.0530/45 (former swing highs), and 1.0600/15 (August high). Should we see a rally up towards 1.0600 again, another failure would market a Double Top and signal a push for a test of 1.0200/05 (100-DMA).

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