AUD/USD Gets Hammered after Breakout
Chart Prepared by Jamie Saettele, CMT
-Recent comments noted that “AUD/USD price action since Brexit has been choppy and consists of overlapping waves. That alone suggests that we may be dealing with a triangle. Triangle barriers are near closing extremes of .7460 and .7700. A break of one of these levels should open the door for a directional move.” AUD/USD took out .7700 on the Wednesday close but gave up most of the week’s gains today. The proposed right shoulder low at .7505 is invalidation for the bulls.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.