AUD/USD Outside Reversal Suggests Additional Range Trading
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 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.