AUD/USD Old Trendline Resistance Acts as Support
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-“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 .7450 is needed in order to indicate a reversal.” AUDUSD is now below the long term trendline (2001-2008 lows). The next big level of interest on the downside probably isn’t until the 1999 high and 2004 low at .6747/71 although the April-May range expansion at .6902 is worthy of note.
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.