Quinton.
Long

AUDUSD approaching support within cup pattern

FX:AUDUSD   Australian Dollar / U.S. Dollar
A significant amount of support exists within a cup range formed earlier this month. Price support ranges from .7215 to .7233 (a conservative target would include the round number .7200). The brexit vote along with some risk aversion has pushed this pair down closer toward this price range and while price is still 100 pips from this entry target, further equity sell-offs and negative USD news on Jun 28 could bring it close enough to trigger a long entry. The long-term trend down trend is currently paused with price ranging for close to a year. It should therefore not create much head wind for a long entry.
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