AUD/USD Consolidates; Resistance Up to about .7340
Chart Prepared by Jamie Saettele, CMT
-“June’s AUDUSD range (3.4%) was the smallest monthly range since October (3.05%). In fact, the intermonth plots of price action for June and October are virtually identical. Both time series form 3 wave corrective (A-B-C) patterns.”
-“Focus remains lower towards .7100/50.” A close above downtrend resistance (near .7450 now) is needed in order to indicate a reversal. Near term resistance is up to about .7380.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.