Australian Dollar / US Dollar 02-16

After breaking below the December low, the AUDUSD found strong support from the confluence of the 200 day SMA / channel support. The advance has extended and has nearly retraced 61.8% of the prior advance. 9067 reinforces resistance at the 61.8% level.

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Friday evenings), technical analysis of currency crosses on Monday, Wednesday, and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forum. He is the author of [I]Sentiment in the Forex Market[/I]. Follow his intraday market commentary and trades at DailyFX Forex Stream. Send requests to receive his reports via email to [email protected].