Nick Nasad
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AUD/USD - Bottoming Action Extending? If So, Look for 0.92 and 0.9280

After writing about the NZD/USD pair, I had to take a look at its partner-in-crime, the AUD/USD. I wrote about the fact that the Aussie looked to be putting in some bottoming action late last week, and just wanted to follow up on that as we test a key resistance level near 0.9150.

  • The 0.9150 level is a key level as it held back the last few attempts by the pair to rally.
  • Above it we have another short-term pivot at 0.9165 and then the 0.92 handle.
  • That is when the real focus should start as the 0.92 level is a key towards deciding whether we are simply in a sideways, correction style rally, or we could be entering something more substantial.
  • The Aussie was at 0.9735 in mid October, and the 0.9285 area was a neckline for a H&S pattern in the daily timeframe that could be a juicy target if the pair gathers a little momentum.