AUD/USD Breaks Support Line; Trend Lows Next
Chart Prepared by Jamie Saettele, CMT
-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…The rejection is bearish…” Fast forward to the New Year and AUD/USD is on pace for its worst week in almost exactly a year. The just broken trendline suggests that things could get a lot worse too.
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