December Australian dollar futures a buying opportunity on more price strength.
See on the daily bar chart for the December Australian dollar futures that prices have seen a sharp rally from the late-August low and have this week hit a three-month high. A steep, two-week-old uptrend is in place on the daily chart and a bullish head-and-shoulders bottom reversal pattern has also formed on the daily chart. A move above chart resistance at this week’s high of .9476 would become a buying opportunity. The upside price objective would be 1.0000, or above. Technical support, for which to place a protective sell stop just below, is located at .9200.
