AUD/USD Tests Upward Sloping 200 Day Average

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent comments have noted the compressed range in AUD/USD and therefore the potential for a breakout. The first attempt to expand the range (break out) was higher and was ‘false’. The drop has reached the 200 day average but there is damage on the weekly chart (outside week reversal) that dip buyers should take note of. Bottom line, the picture is unclear.