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AUDUSD Breaks Through Trendline Resistance

AUDUSD Breaks Through Trendline Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Breaks Through Trendline Resistance

Prepared by Jamie Saettele, CMT

“Trading against the early month break (in this case bullish) is usually a losing proposition.” The AUDUSD broke above short term trendline resistance today, which puts focus squarely on the 8/23 high at 10545 (and 100% extension of rally from 10163), 10612 and eventually the 161.8% extension at 10714. Support is now 10400/10430.

LEVELS: 10370 10400 10430 10545 10577 10613

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

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