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AUD/USD Penetrating 7 Month Trendline on Last 2 Rallies

AUD/USD Penetrating 7 Month Trendline on Last 2 Rallies

2016-02-16 21:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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

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