AUD/USD: meeting resistance

The aussie has been rising strongly in a possible ending-diagonal, which is a bearish indication. It is currently at a resistance level and there is even stronger resistance not much higher at the 1.0475 where a nexus of lines and pivots meet together. If the pair reaches that high there is a strong possibility it will roll-over and begin selling-off. I would expect a move to 1.0380 at first, and then if that level is breached an acceleration down to 1.0310 as bullish positions capitulate.

Written by Forex4you