23 Jun 2014
AUD/USD keeps breaking higher, 0.9460 eyed
FXStreet (Bali) - AUD/USD has taken off and never look back again, following a surprisingly high Chinese HSBC PMI, which hit a 7-month high.
The initial spike post Chinese data met sellers at 0.9430 or thereabouts, but the next push higher has now seen some light stops taken out, allowing price to reach a new high of 0.9440, not seen since April 10.
Technically, Jim Langlands, Founder at FXCharts, notes: "If 0.9440 can be taken out, stops will be triggered which could then propel the Aud onto to the 11 April high at 0.9460, above which would suggest an attempt on 0.9500 (0.9495: 76.4% of 0.9757/0.8660). Above here, there would be little to stop the Aud heading towards the 6 June high at 0.9543, and beyond that to the long term objective off head/shoulder reversal now at 0.9660, although there is plenty of work to be done ahead of that."
The initial spike post Chinese data met sellers at 0.9430 or thereabouts, but the next push higher has now seen some light stops taken out, allowing price to reach a new high of 0.9440, not seen since April 10.
Technically, Jim Langlands, Founder at FXCharts, notes: "If 0.9440 can be taken out, stops will be triggered which could then propel the Aud onto to the 11 April high at 0.9460, above which would suggest an attempt on 0.9500 (0.9495: 76.4% of 0.9757/0.8660). Above here, there would be little to stop the Aud heading towards the 6 June high at 0.9543, and beyond that to the long term objective off head/shoulder reversal now at 0.9660, although there is plenty of work to be done ahead of that."