Previous support has now turned to resistance.
Monthly 25 Years Graph
The bull market in AUD was broken decisively in July last year. Since then AUD got cut into half against the USD. This rebound can be seen as a bear market rally which has retraced 50% of the complete fall.
Weekly 10 Years
A significant turn can occur at the current price range of 0.80 – 0.85.
Incidentally 0.85 is also the target prices by measured move analysis of short term double
bottom formed in USDAUD on a daily graph. RSI is diverging and current market action is now looking topish. If prices reverse from these levels we should look to go short on AUD against the USD for target of previous low of 0.60 and further.Daily 2 years
Do you think AUDUSD has further up to go and would turn from here? I've also put up a chart on my blog, do check it out and leave some comments. :) Cheers!
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