Alex.Singletary
Short

AU Trend Reversal or Correction?

FX:AUDUSD   Australian Dollar/U.S. Dollar
101 1 6
Really important levels coming up on this guy. I believe for now resistance is inside the orange box and will stay that way. Any break above will retest previous highs+. More than likely will see a test of 7600 area. Break or bounce there very key as you can see with the ascending wedge . Breaks below 7600 will test 7500+. Bias Short until that trendline is tested, and then let the chart be the answer from there.

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PCTradeKop
11 months ago
I've come to same conclusion. Its top wedge now looks like rejected from last years high. Could be a drop here and a break out from wedge will see many pips down.
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