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AUD / USD Forex Technical Analysis – strengthening above .7158, weakening…


Daily AUDUSD

Daily swing chart technical analysis

The main trend is down, according to the daily swing chart. A trade above .7243 will change the main upward trend. Movement through .7021 signals a resumption of the downtrend.

The main support is the longer term retracement zone at 0.7095-0.7020. This zone stopped selling on October 20 at 0.7021.

The minor range is between 0.7243 and 0.7021. AUD / USD is currently testing its retracement zone at 0.7132-0.7158. This zone controls the short term direction. Aggressive counter-trend buyers will attempt to drive the forex pair through this zone while sellers will attempt to create a secondary bottom spike.

The short-term range is between 0.7414 and 0.7006. If the short covering rally continues, look for a rally that may extend into its retracement zone at 0.7210-0.7258.

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