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AUD/USD Back at 3+ Year Resistance Line

AUD/USD Back at 3+ Year Resistance Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Back at 3+ Year Resistance Line

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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.” The pullback has been muted so far with AUDUSD once again testing the ‘important juncture’. Strength above the August high would constitute a major breakout.

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.

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