AUD/USD Climbs towards 0.8200

The AUD/USD has been rallying over the past ten days to get to a ceiling that has been the area that sellers have been waiting for. There is a significant amount of resistance between 0.8138 and 0.8264. While this area covers a wide price range, it has been the area buyers cannot rally through and also represents the year's high. Taking advantage of buying opportunities with prices on such a level can be tricky because of the limited upside. It's not prudent to expect new yearly highs as a function of a Forecast Region. It may possible that an exit in front of that ceiling is better trade management.


The 240 minute chart is setting up what could be an excellent alternative to breakouts. That is a corrective buying opportunity off the support of a a Continuous Channel Up pattern.





The uptrend line support is waiting just below the 0.8120. There is excellent short term confirmation of support in this area from the 15 minute chart where a Continuation Triangle's Forecast Region is waiting between 0.8130 and 0.8110.




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