Tuesday, 30 October 2012

AUD/USD a move above 1.055 would indicate a target of 1.23

The chart below shows that the AUD/USD has been forming a triangle since mid 2011. A move above the upper trend line around 1.055ish would indicate a measured target of 1.23. This target is derived by adding the greatest height of the triangle (0.175 in mid 2011) to the break out point (1.055).