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
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