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AUD/USD on April Low and 11 Month Trendline

AUD/USD on April Low and 11 Month Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUD/USD on April Low and 11 Month Trendline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: “The break below channel support suggests that a top is in place. The underside of that line is now potential resistance.” The AUDUSD is doing its best to hold the trendline that extends off of the 2012 and 2013 lows. Selling into trendline support isn’t good practice. If there is going to be a sale, then it’s going to be on a break of the trendline and subsequent reaction into resistance (barring any clean intraday pattern).

FOREXTrading Strategy: Flat

LEVELS: .9979 1.0115 1.0194 1.0283 1.0327 1.0370

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

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