Chart of the Day: AUD/USD

Blake Morrow Forex Analytix

The AUD/USD is in a triangle consolidation, and if you look at the daily chart of the SPX, it is the same. I'd guess if the stock market breaks out higher the AUDUSD will be doing the same, and visa versa. The AUD/USD rally in the last few months has been epic, but the overbought conditions via the RSI from early June has worked off the extremes, which could allow for another move higher if there is a daily close back above the .6930 level. Support is at .6830.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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