AUD/USD Could See Support Near .7130
Chart Prepared by Jamie Saettele, CMT
-AUD/USD is pulling back from slope resistance (former support) and could see support now near .7130/50 (slope support in late July and early August).
-Previous comments remain valid. “The weekly tweezer bottom ‘worked’ on AUD/USD. As mentioned last update, “the break above the 55 day average shouldn’t be dismissed given failure at the average in June and September. The break above .7279 triggers a double bottom (arguably…some like to see a lower 2nd low) with an objective at .7622.” .7622 is towards the top of an estimated resistance that includes former lows and the 200 day average.”
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.