Hi Traders,
Interesting development at the end of this last week as AUD/USD broke through the January 2016 rising trendline on the back of a strong week for the US Dollar.
The break seems to be significant as in previous weeks, price seemed to be attempting to continue with the steadily rising trend until the rejection of the 0.77810 level and the following break. This break now opens up the possibility of price testing 0.75000 and 0.73808 in extension.
Check the D1 & H4 charts for any pullback to the trendline and beware of a false breakout!
Happy trading!
Interesting development at the end of this last week as AUD/USD broke through the January 2016 rising trendline on the back of a strong week for the US Dollar.
The break seems to be significant as in previous weeks, price seemed to be attempting to continue with the steadily rising trend until the rejection of the 0.77810 level and the following break. This break now opens up the possibility of price testing 0.75000 and 0.73808 in extension.
Check the D1 & H4 charts for any pullback to the trendline and beware of a false breakout!
Happy trading!