Technical Analysis

AUD/USD is the best performer today and it just broke a huge trendline

AUD/USD takes out the year-long trendline

Almost exactly a year ago — on December 4, 2018 — the Australian dollar topped at 0.7394.

It’s been in a relentless downtrend since. That’s created a trendline that’s been touched 4 times. It was tested a fifth time today and it broke in a 1.1% rip in AUD/USD. The next-largest move against the dollar is half as much.

A rally in iron ore has helped to add to the gains but so has a technical pine-in as this level broke.

Now I agree that lines like this should be drawn with a thick pencil, so I wouldn’t necessarily declare this as a break but it highlights a third higher high since the October low.

ForexLive

Leave a Reply

Your email address will not be published. Required fields are marked *