AUD/USD Dips Back into Former Range; .8925 is Possible Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-I wrote yesterday that “The AUDUSD break above .9004 opens the door for a move into .9188 (measured objective from .9004-.8819 range). .9004 is now possible support.” AUDUSD failed to hold .9004 and has dipped into the prior range. .8925/57 is possible support.
-Continue to favor a larger upward correction as long as the lows hold. “In general, resistance is likely from .9167-.9267. This zone is identified as a region to return to a longer term short position.”
Trading Bias: Flat
LEVELS: .8820 .8880 .8925 | .9019 .9054 .9120
--- 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.