AUD/USD Turns Over (Again) Before Channel Resistance
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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.