Three looks at the AUD/USD’s current positioning – 1hr, 4hr, and the daily.
Lets start up nice and close this time and zoom out.
The 1 hour:
Sitting on a May tested resistance-then-support line. May 9th saw repeated attempts and failures to crack the line. The last time it dipped below was on May 13 and the rebound today isn’t nearly as convincing as it was then. On to the 4 hour chart.
Look at that, more of the same. Can we make it 3-for-3 with the daily?
Close enough. They actually, to me, all suggest the same thing. .9350 is getting tired and wants to give up. The 1 and 4 hour charts don’t suggest a duration of a legitimate break of support, but this daily chat does. It suggests that .9300is in play but around there is where you’ll want to reevaluate – do you believe in the longer trend or is a move down strong enough to have a look at .9250?
What say you, FXL’ers?
