Near Term Trend: Positive
Friday’s Close: 0.76043 (- .43 pips)
UPDATE: Two weeks ago we noted, “Adding to the bullish argument, it appears an upside breakout above the downtrend line has formed. If Aussie settles above 0.76300 it could mean a run higher toward 0.78000 is possible”.
We almost got there as the Aussie hit a high of 0.77610 (39 pips from our objective) eight days ago. In our last report, prior to this past week we stated, “Based on the reversal lower, the test for the Bulls will be whether the support line at 0.76250 will hold”. As of this writing- it’s not holding.