23 Feb 2015
AUD/USD: Make or break for counter-trend players - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, shares his technical view on AUD/USD, noting that around 0.7750 is make or break moment for the counter-trend players.
Key Quotes
"For the month of February, the AUDUSD has been consolidating in a range at the bottom of the bear trend between 7859 and 7650. This is kind of a make or break moment for the counter-trend players as they'll need to close above this key resistance level on a daily basis to garner more to their cause. Hence bears wanting to get short have their line in the sand."
"Any impulsive price action selling here means a likely pullback towards 7750 and perhaps down to the yearly lows at 7650. A daily close above here targets 8030 while bears will want to minimally get towards 7650 to feel stable in their short positions."
Key Quotes
"For the month of February, the AUDUSD has been consolidating in a range at the bottom of the bear trend between 7859 and 7650. This is kind of a make or break moment for the counter-trend players as they'll need to close above this key resistance level on a daily basis to garner more to their cause. Hence bears wanting to get short have their line in the sand."
"Any impulsive price action selling here means a likely pullback towards 7750 and perhaps down to the yearly lows at 7650. A daily close above here targets 8030 while bears will want to minimally get towards 7650 to feel stable in their short positions."