AUD/USD - A break of resistance at 0.7835 to put focus on 0.8220

Date: 17th July,2017 by Timothy Straiton

Current level is 0.7809, trading above the rising 40 week moving average of 0.7533 and above the monthly pivot level of 0.7588. This currency pair challenged the 0.7835 resistance last week but failed to follow through to the upside. As long as the rising support line at 0.7350 contains downside pressure, the potential to the upside remains valid, with a break of resistance at 0.7835 to put focus on the Fibonacci 23.6% upside projection target of 0.8075, calculated on the 0.6824 - 0.7835 range. Thereafter the 38.2% projection level of 0.8220 would attract.
The recent break of the 14 week relative strength index resistance line to the upside would suggest that acceleration to the upside is about to increase.

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.
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