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AUD/USD Faces Trendline Confluence

AUD/USD Faces Trendline Confluence

2016-02-18 19:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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AUD/USD Faces Trendline Confluence

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 a 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. Until then, risk remains for continued sideways trading.

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

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