AUDUSD is testing a multi-year trend resistance

FX:AUDUSD   Australian Dollar / U.S. Dollar
The Aussie dollar has bounced back up to its multi-year trend line , which theoretically may halt the current rally in prices. That said, a break above $0.7700-50 could provide the upward momentum necessary to confirm an important bullish signal. I'm not much of a fan of head-and-shoulder patterns, but it seems like such a setup could be in play were prices to break resistance by the end of the week. I'm not going to tell you how to trade, but I would recommend keeping a sharp eye on the $0.77 level for the next couple of days. If you do decide to short the resistance, protective stops may be placed just above 0.7750$ with a first target at the $0.75 handle. I would have a second target of $0.735 if such a bearish reversal were to occur. On the upside, given the importance of a technical break above $0.77, I would likely lean towards targeting 0.7800-20 as well as 0.8050-8100.


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