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AUD/USD Still Oscillating around Long Term Resistance

AUD/USD Still Oscillating around Long Term Resistance

2016-10-04 18:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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AUD/USD Still Oscillating around Long Term 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. Last week’s outside day reversal is the 2nd since 9/8 but retracement levels for support are .7544 and .7575.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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