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AUD/USD Nearing Parallel Channel Resistance

AUD/USD Nearing Parallel Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


eliottWaves_aud-usd_body_audusd.png, AUD/USD Nearing Parallel Channel Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The AUDUSD decline for a 5th consecutive month in August. The last 2 instances of 5 consecutive down months are November 2008 and May 2000. In both instances, the AUDUSD was positive the next month.

-Levels to watch for resistance in coming days; parallel channel resistance, October 2011 low at .9387, July 2013 high at .9317, and 6/26 high at .9344.

-The push above the August high is NOT confirmed by a NZDUSD push above its August high.

Trading Strategy: On lookout for a tradeable high.

LEVELS: .9167 .9216 .9288 | .9317 .9387 .9439

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