News Column

AUD/USD Trades off of Support Before RBA

May 5, 2014

Jamie Saettele, CMT


AUD/USD Trades off of Support Before RBA

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

-"AUDUSD has responded to the 2011 low and 2009 high (.9386-.9405), late November high and channel resistance. Look lower as long as price is below last week's high. Downside levels of interest are .9205 and .9138 (and watch the channel supports)."

-The rate dropped into the April low / trendline before reversing sharply. The action suggests that a recovery could materialize. I'll look higher towards .9330/60 as long as price is above .9200. Consider that the breakdown level.

LEVELS: .9205 .9219 .9258 | .9316 .9344 .9371

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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Source: DailyFx

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