AUDUSD The Australian dollar is picking up momentum and volume after the US dollar pullback from its six-month rally and also could be influenced by the comments made by US Treasury officials that trade war between the US and China is on hold.
The current trading activities have reached the lows of Dec 2017 a significant price point which was the beginning of a price reversal to the upside on the last uptrend rally in early Dec 2017.
The Aussie dollar has shown some signs of reversal to the upside with an inverse head and shoulder price pattern in the four-hour price chart. It has broken the neckline pattern and now approaching 0.75918 resistance.
A break above 0.75918 could provide a clear path to the next resistance at 0.76436 and 0.77028.
A short to medium term target for a long position around 0.76436, 7.07728 and 0.77881. and long-term at 0.79075, 0.80813 and 0.810.8
The current trading activities have reached the lows of Dec 2017 a significant price point which was the beginning of a price reversal to the upside on the last uptrend rally in early Dec 2017.
The Aussie dollar has shown some signs of reversal to the upside with an inverse head and shoulder price pattern in the four-hour price chart. It has broken the neckline pattern and now approaching 0.75918 resistance.
A break above 0.75918 could provide a clear path to the next resistance at 0.76436 and 0.77028.
A short to medium term target for a long position around 0.76436, 7.07728 and 0.77881. and long-term at 0.79075, 0.80813 and 0.810.8
