Price action on the AUD/USD daily chart, as shown, has just bounced up off an uptrend support line extending from the 5-year low hit in late October. Any bullish continuation off this potential retracement bounce should target resistance around the major 0.6800 support/resistance region. To the downside, if there is a subsequent breakdown of the uptrend support line, price should meet substantial further support right around 0.6000, the level of October’s 5-year low and also a key psychological level.
FX Path
Subscribe
Categories
Archives
Recent Comments
- Forex Broker Analysis on EUR/USD - Heading for 1.4500, Correction Due
- Sanjay on EUR/USD - Heading for 1.4500, Correction Due
- ig index on EUR/CHF - Hits Support within Bearish Trend
- Wilson on Technical Carry Trade Articles
- dpinkert on USD/JPY - Breakout to the Upside
Tags
FXstreet.com Weblogs
Links
Technical Trading Tips and Techniques by 
