Classical chart patterns of currencies from 15+ Year Pro Trader
-
AUDUSD near-term bias remains bullish above 0.930
Technically the AUD has been ranging for the past 8-weeks but we could be fast approaching an end to this correction. I see 2 potential patterns emerging with contrasting outcomes: A bullish flag with a target back up at parity; A Triple Top which would target 0.90. Until we see a clean break above 0.945 or below 0.920 then technically the A$ will continue to frustrate position trades in hope of a larger move. However for the near-term I favour an upside move towards 0.945, as long as we remain above 0.930. COTS positioning shows that Large Traders have increased their Net Long positions and currently sit at their ... (full story)