AUD/USD 5th Day at Major Resistance
Chart Prepared by Jamie Saettele, CMT
-There is no change to the near term Aussie outlook. “AUD/USD is approaching an important juncture defined by slope considerations and the pre-May rate cut high at .7719. This level may be resistance but a break above would leave Aussie in full blown bull camp with the focus on the May 2015 high at .8163 and eventually an .8700 handle. Near term, AID/USD needs to hold .7420 to stay constructive.”
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.