AUD/USD Enters Trendline Confluence; Possible Support Zone
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“AUDUSD completed a nearly 3 month head and shoulders pattern last week. The target for the pattern is .9511. Consider the path higher as long as price is above .8972. Breakouts can and do fail. If this one is going to fail, then the most likely places to do so are .9167 or .9268.”
-The market has followed through on Friday’s reversal. Watch for support from the line that extends off of the January and March lows. .9165 remains possible resistance. In fact, the level intersects a long term trendline on Thursday.
LEVELS: .8820 .8890 .8936 | .9010 .9066 .9105
--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.