Forex: AUD/USD – Flag Pattern Emerges

on Jun 17, 2013

Since Thursday of last week, the pair has been moving within a falling channel, which is to say that the price action has formed a flag figure, being a trend-continuation pattern. If the upper line of the flag is broken, the pair should rally towards 0.9800 first, and then 0.9850 and 0.9950. However, the latest three daily candles have all closed below the 23.6 percent Fibo of 1.0580 to 0.9324 at 0.9618, suggesting that this level may bring strong resistance and push the AUD/USD to the downside.

Currently the price is staying around 0.9614.
Resistance levels for today: 0.9640, 0.9665 and 0.9700.
Support levels: 0.9595, 0.9555 and 0.9510.

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AUD Forex