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AUD/USD Rally from 2/7 May be a Wedge

AUD/USD Rally from 2/7 May be a Wedge

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

AUD/USD Rally from 2/7 May be a Wedge

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“AUD/USD continues to trade at a long term resistance zone (stretches to the 2016 high at .7835). The near term bias line is (still) .7600. As long as price is above the figure, shorts are fighting an uphill battle.” It might be time to fight the uphill battle as the rally from 2/7 takes the shape of a wedge. Weakness below the wedge line would signal an opportunity.

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

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