Fan Yang
All posts from Fan Yang
Fan Yang in Fan Yang,

AUD/USD in a Bullish Continuation Attempt

The AUD/USD has been bullish in 2014, but has slowed down and traded more sideways since April. Still the RSI in the daily chart has held above 40 since it pushed above 70, so the bullish momentum is still maintained. Price is neutral-bullish in the daily chart.

(aud/usd daily chart)

In the 4H chart shows a market that was bearish since late July, but could be shifting. Price broke above a falling trendline and the 4H RSI pushed above 60. This shows that the bearish the trend and momentum is shifting. You can see that price was consolidating right after the break above the falling trendline. If we have a break above this consolidation, then AUD/USD is confirming a bullish outlook at least toward 0.9360, around a previous support/resistance pivot, and the 200-period SMA in the 4H chart.

(aud/usd 4H chart)

Looking at the 1H chart, you can see that price has remained bullish in the short-term and is breaking above a triangle consolidation pattern since last week. The 1H RSI has held above 40 and shows maintenance of the bullish momentum. If price can clear the 0.9335 level, lookout for a revival of the bullish outlook in the medium-term.

(aud/usd 1h chart)