AUD/USD – Solid Support is Slightly Lower
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-It’s been slow going but Aussie is pulling back from ‘an important juncture’. As noted previously, “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.” See what kind of weakness can materialize off of this level but major support is near .7380-.7400.
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.