AUD/USD: Upward Momentum May Continue
AvaTrade | Aug 27, 2014 06:41AM ET
The AUD/USD pair is trading in a rectangular pattern on a 60 minute time frame. The price is trading above the 50day (shown in yellow) and the 100 day (shown in red) moving average which means that the trend is towards the upside. We also have formed a complex reverse head and shoulder pattern and if the pattern completes its projection we could see the price near the minor resistance zone.
At the same time, we also have formed an ascending triangle pattern and given that we have two bullish patterns the odds are stacked for a break towards the upside. The RSI is trading in line with the price action which means that the bias still could be to the upside.
Important Zones
Resistance Zones 0.9422-0.9411 Major 0.9372-0.9386 Minor
Support Zones 0.9248-0.9236 Major 0.9218-0.9206 Minor
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
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