Aussie Rejected off Resistance

May 4, 2017

Remember this set of Aussie resistance levels that we had been watching?

With this latest round of Aussie Dollar weakness, I wanted to feature one set of touches across both AUD/USD and AUD/CAD. Did you trade the level?

First up, we have the AUD/USD Daily:

AUD/USD Daily:
160504_audusd_daily
Click on chart to see a larger view.

After stepping down following the textbook technical structure on the weekly, AUD/USD has bottomed out and found some serious resistance at the most recent higher time frame swing low.

Keep that chart open…

Next up, we come to AUD/CAD Daily:

AUD/CAD Daily:
160504_audcad_daily
Click on chart to see a larger view.

Was AUD/CAD really ever going to break through that same level while AUD/USD was so far away from it?

I’ll leave that one with you!

Take advantage of market opportunity on a Vantage FX live MT4 trading account.

Dane Williams – @VantageFX

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