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AUDUSD: Remember This Pattern?
The AUDUSD just did something fairly unconventional in the world of technical analysis. Instead of testing a broken channel shortly after breaking out, the pair waited almost two weeks before doing so. Not only that but it’s also retesting the former support level 40 pips above the ascending channel top. Typically we see a retest of this sort occur below the high of the channel. In the case of the AUDUSD, that would have been below the May 23rd and 25th highs near 0.7515. We first discussed the 4-hour channel below on May 23rd. Now, whether today’s retest at six-week highs is a sign of strength or just an anomaly ... (full story)
