XAU/AUD Retest of Resistance as Possible Support

February 10, 2017

Continuing on with the XAU/AUD narrative that we started on Monday:

XAU/AUD Daily:
160206_xauaud_daily
Click on chart to see a larger view.

“While the most recent swings saw price chop through it, the fact that Friday’s daily low was the exact level shows it’s still significant in using it as a higher time frame level to manage risk around heading forward.”

With higher time frame support defined on that chart earlier in the week, price continued to rally off the level.

But with yesterday’s Gold weakness, price has pulled back into this short term previous resistance turned possible support.

XAU/AUD Daily:
160210_xauaud_daily
Click on chart to see a larger view.

A possible level that we can look to manage our long’s risk around.

Open an MT4 forex trading account with leading Australian forex broker, Vantage FX and take advantage of opportunities in the markets.

Dane Williams – @VantageFX

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