AUD/USD - the potential has emerged for an upward reversal/ technical buy signal to be generated
AUD/USD - the potential has emerged for an upward reversal/ technical buy signal to be generated. A technical sell signal was originally generated at 0.9203 on 10/9/14. The AUD most recently generated a technical sell @0.8010 on 23/1/15, which indicated the potential for a pullback to 0.7680 - a level that was reached on 3/2/15. The potential now exists for the first trend change to occur in the AUD since September 2014. The AUD is now showing signs potentially of base forming and is approaching key resistance, which if broken on a closing basis, would generate the technical buy signal. (A further rally is required to break through key technical resistance and generate the technical buy signal). If this occurs, it would result in the technical trend / outlook turning positive, with an initial upside technical target then located @ 0.8200.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.