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FOREX Technical Analysis: AUD/USD Bullish Bias Favored above 10485

FOREX Technical Analysis: AUD/USD Bullish Bias Favored above 10485

2013-01-22 06:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_AUDUSD_Bullish_Bias_Favored_above_10485_body_audusd.png, FOREX Technical Analysis: AUD/USD Bullish Bias Favored above 10485

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The AUDUSD closed on the trendline that extends off of the 2011 and 2012 highs on Friday after trading above the line intraweek. Price is back above the line now. Currencies (first the Yen, then the Euro) have been breaking out in recent weeks so perhaps the AUDUSD is next. Respect breakout potential as long as price is above 10356.”

FOREXTrading Strategy: Today’s rally offers some separation from Friday’s low at 10485, which can now be used as a pivot to trade against.

LEVELS: 10485 10506 10548 10598 10624 10730

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

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