AUD/USD - A break of 0.7730 to set focus on 0.7835

Date: 30th June,2017 by Timothy Straiton

Current level is 0.7676, trading above the monthly pivot level of 0.7436 and also above the 200 day moving average of 0.7527.This currency pair is still trading within a rising triangle pattern having support at 0.7344 and resistance at 0.7735. A break to the upside would put focus on 0.7835 which is the highest high made in April 2016. In the event that 0.7835 is also taken out, expect further upside towards the 0.8074 level, which marks the Fibonacci upside 23.6% projection target based on the 0.6824 - 0.7835 range established during early 2016.

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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