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What to Watch in AUD/USD as It Comes Off Big Support

What to Watch in AUD/USD as It Comes Off Big Support

Paul Robinson, Strategist

AUD/USD is coming off a major macro level at 7000, and with that there is a backdrop for a recovery rally to continue to develop. There are a couple off signposts to watch, though, before getting too bulled up. The big one is the downward channel in place since the end of October. It needs to get snapped for further upside to develop.

See the video above for the full details…

AUD/USD Weekly Chart

aud/usd weekly chart

AUD/USD 4-hr Chart

aud/usd 4-hr chart

AUD/USD Charts by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

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