AUD/USD: 0.72 in focus today with end of year

The Aussie has been rather bearish of late but is still trading within a consolidation-style triangle pattern on the monthly time frame. Price action is trading under a more recent bear trend line on the weekly time frame though and there is a distinct Bear Flag look to the chart on the daily chart. However, the Aussie is currently back above the 0.72 support level and this is the one to keep in focus as the end of year looms as a close above this for today, and thus 2017, could help to stake out some decent psychological support.

AUD/USD monthly:  The 0.72 level is a major S/R zone for the Aussie as it is the 61.8% fib of the 2001-2011 swing high move and it is near the 78.6% fib of the 2008-2011 swing high move.

AUD/USD weekly: note the 3 1/2 year bear trend line apparent on this weekly time frame.

  • Any bearish continuation would have me look to the bottom triangle trend line; near 0.70.
  • Any bullish activity would have me look to the 3 1/2 year bear trend line; near 0.76.

AUD/USD daily: this chart does have a Bear Flag look to it though so watch for any bearish continuation to possibly target the lower monthly triangle trend line:

AUD/USD 4hr: price is back above 0.72 for the time being though so watch to see if this support holds out after today as it is the last trading day of the week, month and year.

DXY monthly: The US$ index has currently paused but any bullish continuation here could help to foster further bearish activity on the Aussie:

Summary: Watch to see where the AUD/USD close today as any yearly close above 0.72 could help to carve out some psychological support for the Aussie. The 0.72 level is the one to watch for any make or break activity in to the New Year:

  • Any bearish continuation below 0.72 would have me look to the bottom triangle trend line; near 0.70.
  • Any bullish activity above 0.72 would have me look to the 3 1/2 year bear trend line; near 0.76.

The post AUD/USD: 0.72 in focus today with end of year. appeared first on Trade Charting.

The post AUD/USD: 0.72 in focus today with end of year. appeared first on www.forextell.com.

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