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AUD/USD Continues to Test Support Line

AUD/USD Continues to Test Support Line

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to the daily AUD/USD analysis. “AUD/USD has been threatening to break out since August. Price action since early 2015 is viewed as a rounding bottom and pattern since August takes the form of an inverse head and shoulders pattern that could launch a major advance. The 3 month range is historically compressed and similar previous range readings tend to precede substantial directional moves.”

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

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