AUD/USD – December High Supporting Last Few Days

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Aussie weakness continues to hold the December high (former support providing resistance). Weakness below there is needed in order to suggest that behavior has changed. Prior comments remain valid. “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…the cross has taken out the level. A floor from 2015 stretches up to the .7620s and should be watched for a response. I’d also pay attention to .7700 (just above), which was resistance throughout 2016.”