AUDUSD TECHNICAL UPDATE
Rising commodity prices, as well as lowered expectations of another Reserve Bank rate cut, push the aussie up
victory by Hillary Clinton standing in the way of the Aussie – potential the US Federal Reserve will likely raise rates in December
The Australian dollar’s currency has as strong links to emerging market currencies in Asia
The Australian dollar’s currency has strong connection with commodity
gains in key commodity prices such as coking coal and iron, which have pushed up Australia’s terms of trade
Global risk appetite got a boost after the FBI early on Monday confirmed that no criminal charges were forthcoming in an investigation into Hillary Clinton’s – Aussie benefited from the boost in risk appetite
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| AUD/USD |
Technıcal analysis:
The Australian dollar has jumped above 0.77 we could see a bullish breakout, Since August aud/usd has been trading in a relatively narrow corridor between 0.7460 and 0.7750,
We can see in charts ascending triangle pattern is a bullish continuation pattern. The pattern is formed by two converging lines. The first is an upward slant that which is support and the other is a horizontal resistance, the target price of the pattern is determined by its height from the base of the triangle that we carry over the breakpoint. Another technique is to draw a parallel to the support line of the ascending triangle from the first contact point with the resistance
Target price remain in 0.86 area
Support and resistance levels:
Support area level stay in 0.7620, 0.7540,0.7460.0.7370
Resistance area level stay in 0.7960,0.8060,0.8180,0.8640
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| AUD/USD Pattern |
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