AUD/USD Reaches Top of Resistance Zone. Will it now Drop?

July 17, 2017

How about that Aussie Dollar!

I’ve had resistance drawn as a zone up here as there are multiple swing highs that are hitting a couple of different levels and the Aussie has continued to be rejected off resistance time and time again.

Taking a look at today’s Daily chart however, you can see that price has rallied and tapped the highest extreme of the zone. Just another touch to add to the collection!

AUD/USD Daily:
170717_audusd_daily
Click on chart to see a larger view.

But let’s not get too carried away just yet.

The momentum behind this type of move is exactly why we wait and see if the higher time frame resistance level can actually hold before selling any retests of short term support.

Confirmation is the key factor in avoiding being hit by the freight train of bullish momentum that is just waiting to clean up faders that get their timing ever so slightly out.

Keep your eye on the @VantageFX Twitter account for any intraday developments and as always…

Best of probabilities to you.

Dane Williams – @VantageFX

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