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AUD/USD Pops but Lots to Overcome at the Recent High

Jamie Saettele, CMT

DailyFX.com -

Daily

AUD/USD Pops but Lots to Overcome at the Recent High
AUD/USD Pops but Lots to Overcome at the Recent High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“AUDUSD continues to trade between well-defined slope lines but beware of a possible broadening bottom (very difficult pattern to trade). A break above the resistance line being tested right now would indicate an important change in market behavior.” The move completes a broadening bottom. Look towards .8295-.8375.

-Failure at resistance (vicinity of lows in Dec and Jan) casts doubt on the immediacy of bullish prospects. ‘Better’ support may reside near .7630.

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