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AUD Trading Outlook (18-09-2015)

Medium Term Strategy: Forex Pair of the day
AUD/NZD – target at 1.176
The pair has broken above a Descending Triangle: a bullish continuation pattern calling for a rise towards 1.176. The pattern started at July top at 1.143 and its upper boundary has been tested 5 times before being bypassed. In addition, the daily RSI has broken above a declining trend line in place since July top. As a consequence, above 1.09, the Triangle support, further advance is expected with targets standing at 1.143: July top, 1.158: 2013 2nd semester key resistance and finally 1.176: the pattern theoretical target. Alternatively, a break below 1.09 would reverse the bullish mood and trigger a correction towards 1.055 and 1.022.

Intraday Technical Strategy
AUD/USD Intraday: the bias remains bullish.
Pivot 0.7139
Our preference Long positions above 0.7139 with targets @ 0.7225 & 0.7265 in extension.
Alternative scenario Below 0.7139 look for further downside with 0.711 & 0.708 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Back to AUD Trading Outlook Archive

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