Aussie Dollar Forms Double Bottom
Benedetto DiCostanzo | Oct 12, 2015 05:57AM ET
The Aussie dollar formed a double bottom on the continuous chart with the lows on September 4th (6905) and September 29th (6908). The pattern was activated as it closed above the peak (the September 18th high at 7246).
The pattern’s target would be 7587 near the 200 DMA. Look to get long on a pullback or aggressive traders can get long at current levels looking for the Aussie to blast through the 100 DMA (7364) and make its way up to a test of the 200 DMA and the pattern objective. Use stops appropriate for your account.
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