AUDUSD Analysis April 2015 (D)
Created on Wednesday, 01 April 2015 02:11
Written by Austin Galt
The Aussie dollar continues to track as expected so let’s briefly review the situation using the daily chart.
AUDUSD DAILY CHART
We can see price recently made a higher high at 79.39c as it was marginally above the previous swing high level which is denoted by the higher horizontal line. Now we just need a higher low and the uptrend should kick right into gear.
Price has just come back down and looks like it may just have set up a bullish double bottom with the trend at 75.91c level. This should see price go boom while price breaking below this level would be bearish and most probably see price crack to new lows.
I have added Fibonacci retracement levels of the move up from recent low to recent high and the first retracement in a new bull trend is often deep and that looks to be the case here with price clipping the 88.6% level.
The Relative Strength Indicator is oversold so a rally certainly would not surprise.
We’ll leave it there for now. I will put out an update if price does break to new lows but I doubt that happening.