AUD/USD Technical Analysis: Rebound Stalls at Trend Line

From dailyfx.com

The Australian Dollar is edging lower having tested trend line resistance guiding the move lower since mid-October against its US namesake. The pair launched sharply higher after a strong set of employment figures dented RBA rate cut expectations but prices failed to overturn the near-term bearish bias. Near-term trend line resistance is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of a horizontal pivot at 0.7199. Alternatively, a move below the November 10 low at 0.7016 opens the door for a challenge of the 0.6902-07 zone, marked by the September 4 bottom and the 38.2% ... (full story)