Forex Opinion & Analysis

Chart Of The Day: AUD/USD

AUD/USD Daily Chart.

The AUD/USD rally in the last 24 hours was faced a lot of key resistance. It completed the inverted head-and-shoulder pattern, was nearing the 200-day moving average and also the 50% retracement just above the .7550 level. In Asian trade yesterday, the pair spiked to that level and reversed, which also represents channel resistance from the August to current move. This allowed for savvy shorts to step in. The pair ended the day with a false upside breakout, which could accelerate losses back towards the .7400 level. Asian trades may try to take the pair back above the .7500 level, but may find sellers there overnight.  

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