AUDUSD - Top of Structure, Potential Sell
The big jump for USDCAD during the last NY session could be a precursor for commodity prices to fall again.
AUDUSD being a strong commodity currency pair has rebounded to a high which gives us a large space to profit from a sell should commodity prices really resumes depreciation.
AUDUSD is now trading at the top of a symmetrical triangle and the top of a rising channel, and additionally a strong resistance level at 0.7440.
On a side note, DXY has also held off at 95, a sign that shows that the Dollar still holds a potential to climb back to 95.5.
AUDUSD being a strong commodity currency pair has rebounded to a high which gives us a large space to profit from a sell should commodity prices really resumes depreciation.
AUDUSD is now trading at the top of a symmetrical triangle and the top of a rising channel, and additionally a strong resistance level at 0.7440.
On a side note, DXY has also held off at 95, a sign that shows that the Dollar still holds a potential to climb back to 95.5.