AUD/USD continues tentative advance
James Chen October 9, 2013 7:40 PM
<p>AUD/USD (daily chart) has been rising in a partial recovery after having made a potential trend reversal to the upside in July, August, and September […]</p>
AUD/USD (daily chart) has been rising in a partial recovery after having made a potential trend reversal to the upside in July, August, and September with an inverted head-and-shoulders pattern. The neckline of this pattern was broken to the upside in early September, and the pair subsequently reached up to a high of 0.9527 before pulling back in a steep falling wedge pattern. The pair then broke out above that pattern to resurface above the 0.9400 level, and is currently keeping its head above this level in a slightly bullish consolidation. Further upside momentum on the current bullish reversal that breaks out above the noted 0.9527 high could move the pair towards key upside resistance objectives around 0.9650 and 0.9850. Strong downside support on any subsequent pullbacks currently resides around the 0.9300 level.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.