AUD/USD - A rising triangle developing
Date: 20th April,2017 by Timothy Straiton
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Current level is 0.7529, trading close to the rising 40 week moving average of 0.7540 and below the monthly pivot level of 0.7622. The Aussie has been in a bearish environment
since September 2011 when it was trading above parity. The lowest level of 0.6825 was achieved in January 2016 and since then this currency pair is in the process of tracing out a rising triangle pattern, having its support at 0.7270 and resistance at 0.7835.
A break of resistance would set focus on the 0.8450 level which corresponds to the Fibonacci 38.2% retracement measured from the low of 0.6825 to the high of 1.1080 made in July 2011.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.