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AUD/USD Bear Flag from November Low

AUD/USD Bear Flag from November Low

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Remember, “AUD/USD has followed through on its outside week reversal (lower) so broad focus is still lower.” The near term picture is tricky but AUD/USD remains capped by .7500, which has proven a useful pivot at times since July 2015 (initially as resistance following a gap). Even so, a push above .7500 wouldn’t necessarily flip the script to bullish.” AUD/USD pushed through .7500 and has collapsed. A bear flag has formed, suggesting that the broader move lower is resuming.

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