AUD is on the march....while EUR takes a bow...
AUD/USD Forms Pennant Pattern within Bullish Range Move
The daily chart of AUD/USD shows a pattern consolidation just above new support around 1.0350. This occurs in the midst of the pair’s attempts to rise further within the wide range between 1.0150 and 1.0600 that price has been entrenched in for the last eight months. The most recent reversal within this large horizontal trading range was a bullish turn off a clear hammer candle reversal pattern around 1.0150 range support in early March. The move to the upside after that turn had a near-term objective around 1.0350 resistance, which price just broke out of last week. At the same time that this occurred, price also broke out above the key ... (full story)
- Posted: Mar 21, 2013 7:47am
- Submitted by:Category: Technical AnalysisComments: 9 / Views: 2,099