AUD/USD Outside Daily Reversal at Long Term Resistance Line
Chart Prepared by Jamie Saettele, CMT
-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 was muted before AUD/USD carved an outside day reversal today at the ‘important juncture’. Today’s development maintains near term range conditions. Strength above the August high would constitute a major breakout.
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