Onwards and Upwards for AUD/USD
The AUD/USD currency pair is interesting at the moment.
From the monthly chart, a recent upside move in the currency pair has seen price inch above key resistance, made up of a horizontal base from $0.6670 and an upper boundary derived from a symmetrical triangle, or ‘coil’, drawn from the high of $0.7158. This has potentially opened the door to the 0.6872ish peaks on the monthly chart, though with the Relative Strength Index (RSI) still sub-50.00, this may discourage some technical buying.
On the daily chart, however, the landscape favours bulls following the breach of resistance at $0.6690 (fuelled by the miss in yesterday’s US ISM Services PMI print). Limited resistance is seen overhead on the daily chart until $0.6865, which aligns with the upward target on the monthly chart at around $0.6872.
From the monthly chart, a recent upside move in the currency pair has seen price inch above key resistance, made up of a horizontal base from $0.6670 and an upper boundary derived from a symmetrical triangle, or ‘coil’, drawn from the high of $0.7158. This has potentially opened the door to the 0.6872ish peaks on the monthly chart, though with the Relative Strength Index (RSI) still sub-50.00, this may discourage some technical buying.
On the daily chart, however, the landscape favours bulls following the breach of resistance at $0.6690 (fuelled by the miss in yesterday’s US ISM Services PMI print). Limited resistance is seen overhead on the daily chart until $0.6865, which aligns with the upward target on the monthly chart at around $0.6872.
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