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AUD/USD Turns Over (Again) Before Channel Resistance

AUD/USD Turns Over (Again) Before Channel Resistance

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“AUDUSD has consolidated since the 2/3 high volume reversal. The rate also registered a weekly key reversal which is a good way to begin at least a countertrend move (higher). .8030/50 sticks out as resistance over the next several weeks if AUDUSD can break above .7875.” Today’s (2/26) reversal comes just shy of channel resistance. As long as price is contained by channel resistance, downside resolution remains possible.

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