By Russell Glaser – After falling from a new high the Aussie dollar appears to have finished a correction to the intermediate trend line.
Looking to the daily chart of the AUD/USD, the intermediate trend line (1) has taken the pair from a June low to a new record high in early November. After reaching a new all-time high of 1.0181 (2) the pair has corrected to the intermediate trend line which coincides with the pair’s low of 0.9535 (3).
A short term downward sloping trend line (4) has been drawn off of the recent highs. This trend line was breached during today’s European trading session.
We can expect resistance to come in at 0.9950 (5) along with the all-time high of 1.1081 (2).
Should the upward trend fail to materialize, support is found at the double top of last November at 0.9400.
Forex Market Analysis provided by ForexYard.
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