Wednesday, 10 April 2013

AUD/USD breaks upwards from 20 month old triangle, measured target for subsequent move is 1.22 #aud

Weekly chart shows the AUD/USD breaking upwards from the symmetrical triangle that began in July 2011. A measured target of approximately 1.22 is calculated by adding the widest distance of the triangle (0.17)  to the breakout level (1.05). No apologies for sounding like a broken record on this one.


GBP/USD trend channeling higher, testing huge resistance zone #gpb

Daily chart shows the GBP/USD trend channeling higher, likely correcting the preceding decline rather than launching a new larger degree bull market.


Weekly chart highlights the resistance zone that the market is currently testing. The triangle breakout indicates this market is headed much lower.


AUD/USD testing 1.05, again probing upper boundary of triangle, clean break targets 1.22 #aud

Weekly chart shows the AUD/USD testing 1.05, again probing the upper boundary of the symmetrical triangle that began in July 2011. A clean break higher would offer a measured target of approximately 1.22, calculated by adding the widest distance of the triangle (0.17)  to the breakout level (1.05).


Daily chart shows there is potential resistance at 1.06, and of course there are many other hurdles between current levels and 1.22. The point of the measured target is not that 1.22 will be hit (nobody knows), but that the risks are shifting to the upside.