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AUD/USD-Inclined to Expect a Resistance Break This Time

AUD/USD-Inclined to Expect a Resistance Break This Time

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD-Inclined to Expect a Resistance Break This Time

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent updates have noted that “the ‘false break’ under the September low 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…but there are signs that this is a more important low.” Indeed, the pullback was short lived and AUD/USD is testing a significant slope line that has been support and resistance since 2015. In fact, this angle has been critical since 2013.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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