Weekly Bars
Prepared by Jamie Saettele, CMT
I wasn’t around for it but a large range day and key reversal unfolded in the AUDUSD on Friday. Like other USD crosses, the AUDUSD faces resistance at the current level (short term trendline, 7/19 high and 8/17 low) and initial support is 10370. It’s worth noting that the setback from the August high is awfully shallow to be considered a complete triangle leg but trading against the early month break (in this case bullish) is usually a losing proposition.
LEVELS: 10320 10370 10400 10450 10500 10545
