The FX Specialist view - Following a May low at a Fibonacci support AUD/USD has shown steady recovery that has now seen a breach of the major 2008 peak. The charts are strong and require calculation of higher targets now.
- MONTLHY CHART: See how 76.4% provided clear support in late 2008. The recovery is now complete, with the 2008 peak exceeded.
- WEEKLY CHART: Here note how the 38.2% pullback provided strong support, sidelining lingering bears as the market refused to weaken again. Breaking the 0.9405 Nov-09 high was a bull sign, with recent breach of the 2008 peak providing further confirmation. The current bull channel top projection implies resistance around 1.0750 and serves as the next target.
[For the complete and illustrated version of this and future Updates be sure to sign up at www.sevendaysahead.com]
No comments:
Post a Comment