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AUD/USD Consolidates below Important Resistance Line

AUD/USD Consolidates below Important Resistance Line

2015-12-22 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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AUD/USD Consolidates below Important Resistance Line

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 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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