AUD/USD: Bullish Above Neckline Of Inverted H&S; Levels & Targets – SocGen

Societe Generale FX Technical Strategy Research notes AUD/USD has stabilized near the multiyear trend support and has finally confirmed an inverted head and shoulders pattern by breaching above the neckline at 0.7830.

Historically, the pair has portrayed similar formations, which ultimately led to sustained up moves.

With monthly RSI remaining above the 50% mark, the uptrend should persist, initially towards the May 2015 high of 0.8165, with next target at 0.8460, the 38.2% retracement from the 2011 highs,” SocGen notes. 

The potential for the pattern stands at 0.89. The recent low of 0.7570 will be a short-term support,” SocGen adds.

Source: Societe Generale Cross Asset Research

The article is published by one of the foremost sources of Forex trading information. Link to the original article above.

from eFXNews http://feedproxy.google.com/~r/Efxnews/~3/Bwl_4uY_IYM/audusd-bullish-above-neckline-inverted-hs-levels-targets-socgen

from Online Forex Trading Resource
View thesource article here

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s