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AUD/USD Rounding Top Idea Still in Play

AUD/USD Rounding Top Idea Still in Play

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Rounding Top Idea Still in Play

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. Retracement levels for support are .7544 and .7575. The bottom of this zone was reached today (10/11).

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

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