DailyFX.com -

Daily

AUD/USD Preparing for Next Bull Leg?

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 for the next low. Failure to hold that level would open up retracement levels at .9080 and .8980. Resistance is .9360 and .9400.

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

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Euro Drops on Greece Fears, Aussie Dollar Rises With Chinese Stocks

  2. Forex News

    Trading Video: Not a Clean Break for EURUSD or EURJPY

  3. Forex News

    Australian Dollar Down Trend Ready to Resume?

  4. Forex News

    AUD/USD Technical Analysis: Digesting at Three-Week Low

  5. Forex News

    AUD/USD Technical Analysis: Support Now Below 0.78 Mark

Trading Center