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AUD/USD Works Towards 55 day Average (again)

AUD/USD Works Towards 55 day Average (again)

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-“Focus remains lower towards .7100/50. A close above .7450 is needed in order to indicate a reversal.” The pivot (where things change) can be moved down from .7450 to the 9/18 high of .7279. 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. AUDUSD has worked higher following the weekly tweezer bottom but resistance could come in at .7190.

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.