AUD/USD .7130 Support Fails; Bulls in Peril
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-AUD/USD has turned down sharply from ‘angle resistance’. The failure to hold .7130 (was looking for support there) casts doubt on immediate bullish prospects. In the event of fresh trend lows, the next support may not be until the mid-.6700s (1999 high, 2004 low).
-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.”
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.