240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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FOREXAnalysis: “The break below channel support suggests that a top is in place. The underside of that line is now potential resistance.” The AUDUSD is doing its best to hold the trendline that extends off of the 2012 and 2013 lows. Selling into trendline support isn’t good practice. If there is going to be a sale, then it’s going to be on a break of the trendline and subsequent reaction into resistance (barring any clean intraday pattern).
FOREXTrading Strategy: Flat
LEVELS: .9979 1.0115 1.0194 1.0283 1.0327 1.0370