Forex Analysis: AUDUSD Stuck in Familiar Channel
Forex pairs in this Article »
AUD/USD
Strategy: Flat
Prices edged back below resistance-turned-support at 1.0410 to challenge a rising trend line set from the October 8 low (now at 1.0367), with a break below that exposing a multi-month range bottom at 1.0173. Alternatively, a push back above 1.0410 exposes long-term falling trend line resistance is at 1.0502. A push above that aims for 1.0578. An actionable trade setup is absent for now and we will continue to stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
Prices edged back below resistance-turned-support at 1.0410 to challenge a rising trend line set from the October 8 low (now at 1.0367), with a break below that exposing a multi-month range bottom at 1.0173. Alternatively, a push back above 1.0410 exposes long-term falling trend line resistance is at 1.0502. A push above that aims for 1.0578. An actionable trade setup is absent for now and we will continue to stand aside.
Daily Chart - Created Using FXCM Marketscope 2.0
Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed
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