Thursday 15 March 2012

AUD/USD: Bounce Off Top Trend?

AUD/USD appears to be bouncing off the black trend line shown in the first chart below. I think we can agree that AUD/USD is in a wedge, and will likely burst out of the wedge confines here soon enough (direction will depend on which trend line it breaks). Be care with this though. Because yesterday would have been a good sign that price was going to burst downward after it passed the support black trend line, but it instead decided to give you a fake breakout, and bounce up.



In addition, the AUD/USD price is bouncing off a Daily Support Level, and is just testing the 30 day Range of 1043... Possible sell opportunity?