AUD/USD Rally Could Face Trouble at .7800
Chart Prepared by Jamie Saettele, CMT
-The last AUD/USD update noted that “the resistance zone of .7532-.7625 is defined by the April and February 2015 lows. Even if the broader trend is higher, weakness could materialize from this zone.” AUD/USD traded up to .7594 on the 14th and dipped to .7415 2 days later before ‘rip resumption’ (I was looking for a re-test of .7380s to get long…FOMC had other ideas). In any case, .7800 could influence for something on the downside. If you’re trading AUD/USD, be aware of these levels in copper and FXI (China large cap).