U.S. Markets close in 5 hrs 43 mins

AUD/USD Trendline Support Just Below Market

Jamie Saettele, CMT

Weekly Candles

eliottWaves_aud-usd_body_audusd.png, AUD/USD Trendline Support Just Below Market

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The AUDUSD is nearing the trendline drawn off of the June 2012 and March 2013 lows. That line is at 1.0213 on Tuesday and increases about 3 pips per day. The area that surrounds 1.0200 includes the reversal day close at 1.0194 and the 78.6% retracement of the rally from 1.0115 at 1.0215. The NZDUSD has still not traded below Monday’s low. The inability of the NZDUSD to confirm the AUDUSD low is suspicious near term.

FOREXTrading Strategy: Flat

LEVELS: 1.0000 1.0115 1.0194-1.0215 1.0307 1.0358 1.0396

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.