Pattern RadarThe Initial Trend’s medium to high reading indicates that the downtrend is intact on the 30 minute chart of the AUD/USD. The Continuation Channel Down is setting up a correction entry in what would be a trend-follow or “swing” play. The downtrend line resistance (green) is the short entry trigger for the bounce within
the the downtrend. Currently that level [...]
With the uptrend on the daily chart pulling back for yet another session, prices have broken down through the support of 0.9200.
The 60 minute chart has a projected downside target of 0.9060 if prices can break down lower. This would mean another strong day for the Dollar Index and a weaker commodities complex.
The trigger for [...]
The AUD/USD has been rallying over almost the past ten days to get to a ceiling that has been the area that sellers have been waiting. There is a significant amount of resistance between 0.8138 and 0.8264. While this area is a wide price range, it has been the area buyer’s cannot rally through and [...]
The AUD/USD is enjoying a surge of buying support improvements in the credit market are perceived to be increasing risk appetite. From a technical standpoint this psychology can be measured by the breakout above the key 0.7100 level. As the AUD/USD has been rallying the U.S. Dollar Index has sunk back below the 86.00 further [...]