AUD/USD Rally Faces First Test

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-There is no change to AUD/USD comments, which has reached a long term parallel (essentially the beginning of a resistance zone that stretches to the 2016 high). “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. 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.”