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AUD/USD Pressing Major Resistance (Again)

AUD/USD Pressing Major Resistance (Again)

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Pressing Major Resistance (Again)

Chart Prepared by Jamie Saettele, CMT

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-The last updated noted that “AUD/USD is testing major resistance in the form of what we call ‘slope’. Parallels to the line that extend off of the October 2013 and July 2014 highs have 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 and AUD/USD is back at the level again. Again, a break above would be significant.

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