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AUD/USD Rally Stalls Just Shy of Former Support Line

AUD/USD Rally Stalls Just Shy of Former Support Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Rally Stalls Just Shy of Former Support 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 tested the September low before turning up. The ‘false break’ could result in some pain for breakout traders…which implies a rally attempt (short term). 3 handles later, shorts could get a reprieve from the former support line.” AUD/USD has pulled back but there are signs that this is a more important low.

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.

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