AUD/USD Trendline Support Just Below Market
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The AUDUSD is nearing the trendline drawn off of the June 2012 and March 2013 lows. That line is at 1.0213 on Tuesday and increases about 3 pips per day. The area that surrounds 1.0200 includes the reversal day close at 1.0194 and the 78.6% retracement of the rally from 1.0115 at 1.0215. The NZDUSD has still not traded below Monday’s low. The inability of the NZDUSD to confirm the AUDUSD low is suspicious near term.
FOREXTrading Strategy: Flat
LEVELS: 1.0000 1.0115 1.0194-1.0215 1.0307 1.0358 1.0396
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.