AUD/USD Drop Stalls at Channel Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“A long term zone for a countertrend move (higher) spans .8067 to .7927 (2010 low to 50% of rally from 2001 low with 2004 and 2005 lows in between).”
-“AUDUSD made a 20 day high today…the first since October 29th. In fact, the last 2 20 day highs were 9/5/14 and 10/29/14. Those were the exact highs of the move. The same thing could happen here, especially with AUDUSD at trendline resistance.”
-Now at new lows, risk is higher as long as price holds the channel.
--Tradingideas are availabletoJ.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.