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.
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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