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AUD/USD Another Outside Daily Reversal at Major Resistance

AUD/USD Another Outside Daily Reversal at Major Resistance

2016-09-29 20:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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AUD/USD Another Outside Daily Reversal at Major Resistance

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-I had been looking for support in Aussie near .7380 (October and December 2015 highs and the 200 day average is just above those levels) but the immediate return to major resistance puts AUD/USD on ‘breakout alert’. Price must remain above .7442 in order to maintain a constructive near term outlook. Today’s outside day reversal is the 2nd this month (first one was 9/8). Retracement levels for support are .7544 and .7575.

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