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AUD/USD Channel Resistance Holds Key to Next Move

AUD/USD Channel Resistance Holds Key to Next Move

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

-“Today’s (2/26) reversal comes just shy of channel resistance. As long as price is contained by channel resistance, downside resolution remains possible.” AUDUSD is at new lows and focus now shifts to the lower end of the channel in the low .70s but channel resistance must hold. A push above would indicate an important behavior change.

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