AUD/USD Pops; November Low at .7015
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…” AUD/USD tested the September low last week before turning up. The ‘false break’ could result in some pain for breakout traders…which implies a rally attempt (short term).
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