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Forex Trading: Australian Dollar Patterns of Interest Before Chinese GDP
The Australian Dollar may be completing long term topping patterns against the Euro and New Zealand Dollar. The AUDCAD also rests at a trendline confluence.
Euro / Australian Dollar
Daily Bars
Prepared by Jamie Saettele, CMT
FOREXAnalysis: The EURAUD is again threatening the neckline from the inverse head and shoulders pattern that begin in February 2012. If this break materializes then long term objectives don’t begin until the March 2011 high at 14343 (see the monthly chart below for perspective). Bulls must contend with the 2012 high at 13030 before then of course. Near term conditions must be described as range until price overcomes the 1/2 high at 12726.
FOREX Trading Strategy: I’m standing aside until price trades through 12726.
Euro / Australian Dollar
Monthly Bars
Prepared by Jamie Saettele, CMT
Australian Dollar / Canadian Dollar
Daily Bars
Prepared by Jamie Saettele, CMT
FOREXAnalysis: The AUDCAD is failing at trendline resistance. Daily RSI (not shown) has been unable to break through the 60 barrier, which is typical of at least a near term top. Still, the presence of trendline resistance doesn’t mean it can’t be broken. Bears aren’t out of the woods until price can break below 10285.
FOREX Trading Strategy: I’m cautiously bearish now against 10441 and would turn more bearish on a break (daily close) below 10285.
Australian Dollar / New Zealand Dollar
Weekly Bars
Prepared by Jamie Saettele, CMT
FOREXAnalysis: If 2013 is ‘the year of the breakout’, then the next big AUDNZD move is probably lower…a lot lower. A multiyear head and shoulders top is complete in the AUDNZD. After a false break in December, price is once again below the neckline. Weakness below October’s low (12370) is needed to get comfortably bearish. Until then, this is a range.
FOREX Trading Strategy: Weakness below October’s low (12370) is needed to get comfortably bearish. Until then, this is a range.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
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