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AUD/USD Tight Range Enters Day 8

AUD/USD Tight Range Enters Day 8

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-AUD/USD is trading at a long term parallel (essentially the beginning of a resistance zone that stretches to the 2016 high at .7835) but the last week+ could be consolidation before another push higher. The near term bias line is .7600. As long as price is above the figure, shorts are fighting an uphill battle. Even a drop below .7600 could see support near .7525 (December high).

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

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