AUDUSD Analysis April 2015 (D)

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.
 
 

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Disclaimer

All information contained in this website is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.

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