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AUD/USD Awaiting Resolution of Smallest 20 Day Range Since January

AUD/USD Awaiting Resolution of Smallest 20 Day Range Since January

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-The sharp turn higher in AUDUSD raises the specter of additional range trading (between .7600 and .8100).

-2 lows near .7600 indicates potential for a short term double bottom and continuation of the broader range trade that began in February. A push above .7850 would open up a run towards the .8030s but be aware of resistance within the range near .7794.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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