AUD/USD Pops above Big Level then Reverses
08 Dec 2015 20:45, GMTDaily
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-The last updated noted that “AUD/USD is testing major resistance in the form of what we call ‘slope’. Parallels to the line that extends off of the October 2013 and July 2014 highs has been useful in identifying important support and resistance in recent years. We’re at the most recent iteration of that line now.” AUD/USD failed to sustain its move through the line. The rejection is bearish.
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.