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AUD/USD Making Good on Wedge Reversal

AUD/USD Making Good on Wedge Reversal

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last note remarked that “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.” AUD/USD responded with its largest 1 day drop since November (day after the U.S. election). The 200 day average and December high could stem weakness at .7525 but the path is lower until further notice.

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

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