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AUD/USD Penetrating 7 Month Trendline on Last 2 Rallies

AUD/USD Penetrating 7 Month Trendline on Last 2 Rallies

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Penetrating 7 Month Trendline on Last 2 Rallies

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.” 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.

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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