AUD/USD Trading Between Short Term 61.8% Retracements
Chart Prepared by Jamie Saettele, CMT
-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.” AUD/USD traded up to test significant slope line that has been support and resistance since 2015. In fact, this angle has been critical since 2013. A push through the line is needed in order to suggest that an important rally is underway.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.