AUS$/US$ - Aussie forming a broad base.
Date: 17th February,2017 by Timothy Straiton
Current level is 0.7660, trading above the rising 40 week moving average of 0.7497. This currency pair has been within a narrowing wedge since July 2016, currently marked out between 0.7150 and 0.7760. It is difficult to assess how long
the current period of consolidation will last, but given the fact that the 40 week moving average is now poised to the upside,
the odds are in favour of a breach of the 0.78 level which will then put focus on 0.8450, corresponding to the Fibonacci 38.2 percent retracement from the low of 0.6824, measured from the July 2011 high of 1.1080.
The above represents the opinion and analysis of Mr Timothy Straiton, based on data available to him, at the time of writing. Mr.Straiton's opinions are his own, and are not a recommendation or an offer to buy or sell securities.
Mr.Straiton is an independent analyst who receives no compensation of any kind from any groups, individuals or corporations mentioned in his reports. As trading and investing in any financial markets may involve serious risk of loss, Mr.Straiton recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications.
Although a qualified market analyst with over 30 years experience, Mr.Straiton is not a Registered Securities Advisor. Therefore Mr.Straiton's opinions on the market and stocks can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Advisor operating in accordance with the appropriate regulations in your area of jurisdiction.
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