AUD/USD ‘Acting Well’ Near Support Zone
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 1.0210 on Wednesday 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. Long lower wicks (close-low) suggest buying pressure.
FOREXTrading Strategy: Would still like to see what price does at the trendline before making a commitment. A drop below intraday and close above would be bullish for example while a close below 1.0200 would be bearish.
LEVELS: 1.0000 1.0115 1.0194-1.0215 1.0307 1.0358 1.0396
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