AUD/USD Eases into Reaction Line

By DailyFx | August 05, 2014 AAA

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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.

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