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Forex Analysis: AUDUSD Stuck in Familiar Channel

Ilya Spivak

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.

Forex_Analysis_AUDUSD_Stuck_in_Familiar_Channel_body_Picture_5.png, Forex Analysis: AUDUSD Stuck in Familiar Channel

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

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