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AUD/USD Gets Hammered after Breakout

AUD/USD Gets Hammered after Breakout

Jamie Saettele, CMT, Sr. Technical Strategist


AUD/USD Gets Hammered after Breakout

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-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.

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

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