Forex Technical Analysis, AUD/USD Daily Forecast June 9, 2016
Technical Analysis – The AUD/USD pair broke higher during the course of the day on Wednesday, as we continue to see bullish pressure on the Australian dollar itself. Gold markets had a very good day, so that should transfer into a stronger Aussie dollar anyway. With that being the case, short-term pullback moves should be thought of as an opportunity to pick up a little bit of value. The 0.74 level below should be very supportive; so therefore I have no interest whatsoever in selling this market as it looks so healthy. In fact, I would not be surprised at all to see this market eventually grind its way to the 0.7850 level.
In Other View Point – AUDUSD Sell Opportunity Ahead
In my previous post on AUDUSD i described a reversed head & shoulders pattern which worked wonders giving us more than 300pips (link below). We now have a potential reversal and that’s why i exited the H&S trade. Price is in a consolidation moving into a rising channel with MACD showing a bearish divergence. We might have some more ups and down in this channel but what we should watch for is a breakout below the lower bond. We should then watch for a sell setup to form and go short with AUDUSD.