Saturday, August 28, 2010

Saturday Rock Blog: Bob Rules

I really thought the Aussie Dollar ($AUDUSD) would have broken down harder after it lost it's 50 and 200 dmas and the dma cross over happened. Instead AUD reversed the breakdown after forming a double bottom. The daily chart is actually looking pretty bullish to me now, the top of the range should be test, in the least. The weekly chart below shows that AUD still has not taken out it's 2007 highs but the range bound behavior over the past year or so now looks like consolidation before the next move higher. Perhaps the next move will take AUD to new all time highs against the dollar. I don't have any position in this at the moment.

No comments: