Wednesday, 27 March 2013

AUD/USD nearing test of hourly chart up trend line support. Zooming out, what next? #aud

Hourly chart shows the AUD/USD nearing a test of hourly chart trend line support.

Zooming out to the daily chart shows a bullish scenario for coming weeks, being a trading range with a target of 1.06.

Zooming out further to the weekly chart shows a slightly redrawn version of the triangle I have been following for many months. Patterns morph, trend lines need adjusting, the world keeps turning. The AUD/USD needs to beat this week's high to rule out this near term bearish scenario and favour the trading range shown on the daily chart.