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AUD/USD Flirts with Breakdown

Jamie Saettele, CMT

DailyFX.com -

Daily

AUD/USD Flirts with Breakdown
AUD/USD Flirts with Breakdown

Chart Prepared by Jamie Saettele, CMT

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

-“June’s AUDUSD range (3.4%) was the smallest monthly range since October (3.05%). In fact, the intermonth plots of price action for June and October are virtually identical. Both time series form 3 wave corrective (A-B-C) patterns. However, Monday’s reversal warns of a false breakdown. The rate is at resistance now so we should a better idea of direction over the next few days.” Focus is lower towards .7100 as long as price is below .7847.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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