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FOREX Technical Analysis: AUD/USD Long Term Trendline Back in Play

FOREX Technical Analysis: AUD/USD Long Term Trendline Back in Play

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

FOREX_Technical_Analysis_AUDUSD_Long_Term_Trendline_Back_in_Play_body_audusd.png, FOREX Technical Analysis: AUD/USD Long Term Trendline Back in Play

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: As long as the AUDUSD is below 10585, it’s worth keeping in mind the longer term AUD/USD triangle, in which price may decline towards parity or below in order to complete triangle wave E. COT data reveals a sentiment extreme as well.

FOREXTrading Strategy: Shorting today’s rally offers great reward/risk against 10585. EURAUD long is another option (and might be even better) with that pair testing support from a channel, former resistance, and 20 day average.

LEVELS: 10375 10408 10460 10498 10523 10553

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

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