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AUD/USD Old Trendline Resistance Acts as Support

AUD/USD Old Trendline Resistance Acts as Support

2015-09-24 19:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.

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