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AUD/USD Rally Could Face Trouble at .7800

AUD/USD Rally Could Face Trouble at .7800

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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).

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.