AUD/USD Fills Gap; Former Lows Remain Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-AUDUSD former supports are now estimated resistance at .8988 and .9055. The trend is pointed lower as long as price is below .9167.
-The 8/30 uncovered close at .8900 has been reached but the head and shoulders target isn’t until a new low…at .8802.
Trading Strategy: In the event of a bounce into trendline resistance (probably above .90), we may be able to return to a short position.
LEVELS: .8770 .8803 .8847 | .8946 .8988 .9050
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.