AUD against USD and JPY is looking bullish, AUDJPY completed a retest to the 200-days SMA followed by a strong rebound and hammer candle breaking back above 93.00 resistance. We will probably retest the recent major pin bar high at 94.45.
AUDUSD could be in the process of completing an inverse head and shoulders as price is approaching the 0.9085 key resistance and neckline for the patter, the latest test of this resistance was followed by the latest bearish leg, however price again rebounds strongly forming a bullish hammer at the 50-days SMA, a break above that resistance at 0.9085 with a daily closing may extend the upside even further, targets at 0.9275 and 0.9445.
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AUDUSD could be in the process of completing an inverse head and shoulders as price is approaching the 0.9085 key resistance and neckline for the patter, the latest test of this resistance was followed by the latest bearish leg, however price again rebounds strongly forming a bullish hammer at the 50-days SMA, a break above that resistance at 0.9085 with a daily closing may extend the upside even further, targets at 0.9275 and 0.9445.
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www.thefxchannel.com