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Australian Dollar / U.S. Dollar

AUD/USD - OLD SUPPORT/NEW RESISTANCE AGAIN

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AUDUSD

Similarly as NZD/USD the aussie is testing a major resistance - the old former falling channel support as the new resistance which has proven to hold the rate since the start of 2015.

At the moment I am looking at this as a symmetrical triangle formation and the next move will depend on how the rate reacts to the current levels.

For a new long position I will first need to see a daily close above 0.7750 for a potential move towards the long term falling trendline around 0.9000.

I will also be looking for a shorter term reversal pattern (double top or head and shoulders patter) at the current levels for a new short position and a potential move towards the current uptrend around 0.7200.
TradeItSimple
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AUDUSDaussieDescending Channelpolaritychange

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AUDUSDaussieDescending Channelpolaritychange
TradeItSimple
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.