The FX Specialist view – Following a May low at a Fibonacci support AUD/USD has shown steady recovery that has now seen a breach of the major 2008 peak. The charts are strong and require calculation of higher targets now.
- MONTLHY CHART:
See how 76.4% provided clear support in late 2008.
The recovery is now complete, with the 2008 peak exceeded. - WEEKLY CHART:
Here note how the 38.2% pullback provided strong support, sidelining lingering bears as the market refused to weaken again.
Breaking the 0.9405 Nov-09 high was a bull sign, with recent breach of the 2008 peak providing further confirmation.
The current bull channel top projection implies resistance around 1.0750 and serves as the next target.
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