DailyFX.com -

Daily

AUD/USD Eases into Reaction Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“A final high (above the April high) is possible in order to complete impulses at multiple degrees of trend (from the May low and January low). That high appears to be in place. The high so far is on 7/1, which is a day that exhibited high volume. The action after a high volume day suggests that the new high was exhaustive in nature.”

-The rate has followed through on its reversal week. Ultimately, the confluence of former lows and the 200 DMA at .9200 could provide important support. .9370 is resistance.

--Tradingideas are availabletoJ.S. Trade Desk members.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Dollar Regains Control as Retail FX Traders Switch Direction

  2. Forex News

    AUD/USD Flirts with Breakdown

  3. Forex News

    Do the Hours I Trade Matter? Yes - Quite a Bit.

  4. Forex News

    Trade Setups in USD-pairs Around June US NFPs

  5. Forex News

    US Dollar May Rise on Jobs Data, NZ Dollar Drops on Dairy Slump

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!