And so here we go again with another blow out from the top and another failure to take the next step up and break 0.9085.
AUD/USD h4 chart
We’re finding support along the former December resistance line and there’s a monthly support line just under here at 0.8950. A break down would target the 0.8925/30 area of support before we get a test of the 0.8900 level.
We know how resilient and stubborn the Aussie can be but the constant failure up here could see us having a proper look at the downside towards the 0.87 area once again. If the bulls patience runs out that could be a swift move. For an intraday trade I like a long from 0.8930 with a stop on a break of 0.8900. If we do move down towards 0.87 and the levels hold up I’ll consider adding to my overall long position.
