AUDUSD returns to channel on resistance retest

The Euro picked up early morning along with the Pound and Australian Dollar, but the Greece debt crises soon put a damper on the optimism of the Euro. In fact, this is when the Euro zone accepted the new Greece debt proposal. It seems like they are willing to put up with Greece’s shenanigans just a bit longer.

Before we get to the Euro pairs, the AUDUSD is back into a ranging movement as it tests the resistance zone after what I expected to be a break-out sending the pair higher. The breakout was followed by two lower high fractals that served to test this zone once again.

AUDUSD 1-Hour
AUDUSD 1-Hour

The demand zone is by no means fresh, but given the propensity of the move we still mark it down for a future reference as a likely buying zone. I would not expect the movement to be nearly as strong, but would not rule out the fact that it would be non-existent.

 

Advertisements

A Pip For Your Thought?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s