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AUD/USD Pulls Back into Month Open Price

AUD/USD Pulls Back into Month Open Price

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Pulls Back into Month Open Price

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“AUDUSD continues to trade between well-defined slope lines but beware of a possible broadening bottom (very difficult pattern to trade). A break above the resistance line being tested right now would indicate an important change in market behavior.” The move completes a broadening bottom. Look towards .8295-.8375.

-Failure at resistance (vicinity of lows in Dec and Jan) casts doubt on the immediacy of bullish prospects. ‘Better’ support may reside near .7630.

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