AUD/USD – Watch for ‘Profit Taking’ after a Push through December High
Chart Prepared by Jamie Saettele, CMT
-“My hunch is that AUD/USD resumes higher but this level is big…I doubt it goes without a fight.” The level I was talking about was .7382 (resistance in 2015). In any event, AUD/USD has indeed resumed higher and is facing its next test from the 200 day average and December high. It’s not uncommon for an obvious level to get taken out before a pause in the underlying move. In this case, the obvious level is the 12/14 ‘hawkish hike’ day high. Once that gets run, Aussie may be allowed to pull back.
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