AUD/USD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/USD appears to have bottomed out at 0.76, and there is an increased possibility of a strong rally over the next several weeks. Once a cluster of resistances just above 0.78 is broken, the Aussie will be in a good position to surge towards May high, despite there being the 200-period SMA. A more conservative target would be the monthly R1. However, if the neck-line stays intact, the price is likely to retreat back to the Jun 1 low, and potentially it could form yet another bottom. Otherwise, we will look at 0.7534 (weekly S1 and Apr low) as the next objective. In the meantime, a substantial majority of the SWFX traders (73% of them) is long the Australian Dollar.
© Dukascopy Bank SA
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