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AUD/USD – Watch for ‘Profit Taking’ after a Push through December High

AUD/USD – Watch for ‘Profit Taking’ after a Push through December High

2017-01-12 19:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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AUD/USD – Watch for ‘Profit Taking’ after a Push through December High

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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.

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

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