Current weekly chart here
The old weekly chart is in the linked charts section. This daily chart is the trigger for that chart.
The current technical picture on the daily chart is almost identical to what happened at the beginning of the year. Everybody is buying dollars, and the word on the street about the Australian Dollar is not great. Although the original target for it was at 0.85 (I can't remember for sure who it was who gave this target, probably Glenn Stevens), there were and still are many voices talking about a 0.70 - 0.75 on this pair. Well, I don't know about the fundamentals, but the technicals are pretty clear. Weekly divergence, with a daily divergence. I just have to buy this.
When I first posted the weekly chart, there was no daily bullish pattern and no weekly candle signal. Now, we have the daily signal and if this pair can climb just a bit more, we will have also a weekly bullish candle. At that moment, I think there will be nothing stopping this pair.
I expect the congestion area at 0.92 to get tested, for 3 reasons. First it's a congestion area, offering heavy resistance. Secondly, it's where we have the 78.2% fib which works well on AUDUSD, as shown on the weekly chart below. Last, we have a high volume breakdown out of that range. The high volume, wide spread candles usually get tested.
I have a soft stop on this pair, and I will add as soon as the weekly draws a bullish candle. After that, it's long over 4H charts all the way to 0.92.
The current technical picture on the daily chart is almost identical to what happened at the beginning of the year. Everybody is buying dollars, and the word on the street about the Australian Dollar is not great. Although the original target for it was at 0.85 (I can't remember for sure who it was who gave this target, probably Glenn Stevens), there were and still are many voices talking about a 0.70 - 0.75 on this pair. Well, I don't know about the fundamentals, but the technicals are pretty clear. Weekly divergence, with a daily divergence. I just have to buy this.
When I first posted the weekly chart, there was no daily bullish pattern and no weekly candle signal. Now, we have the daily signal and if this pair can climb just a bit more, we will have also a weekly bullish candle. At that moment, I think there will be nothing stopping this pair.
I expect the congestion area at 0.92 to get tested, for 3 reasons. First it's a congestion area, offering heavy resistance. Secondly, it's where we have the 78.2% fib which works well on AUDUSD, as shown on the weekly chart below. Last, we have a high volume breakdown out of that range. The high volume, wide spread candles usually get tested.
I have a soft stop on this pair, and I will add as soon as the weekly draws a bullish candle. After that, it's long over 4H charts all the way to 0.92.
