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AUD/USD False Breakout Spells Trouble

AUD/USD False Breakout Spells Trouble

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-AUD/USD broke out on 10/19 (daily closing basis) but failed. The failed rally on 10/26 leaves little doubt about the ‘false’ move despite the fact that .7505 is the invalidation level for a proposed inverse head and shoulders pattern (continuation variety). The risk is that AUD/USD collapses under the 9/13 low in order to complete a flat pattern (sub-waves 3, 3, 5). .7460 is a technical level for a bounce (200 day average and closing lows since July).

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.