Recommendation: Buy Aussie dollar on pullbacks.
Current Trend: Short-term sideways. Med-term up. Long-term sideways.
Strategy: Buy AUD for the med-term/or traders buy on pullbacks on an ongoing basis.
(Daily)
- The Australian dollar (AUD) broke out of a massive descending triangle (lines 1 and 2) last month, and it still has a far higher target to go. This is a med-term target and definitely not short-term.
- That target is 0.8360, based on the height of the large triangle projected up.
- It has recently pulled back and is moving up again now. Med-term players can buy it for that higher target. (Med-term implies months).
- Short-term traders to buy on minor pullbacks, e.g. as close to line 3 (0.7860) as possible. (The AUD/USD is currently at 0.7920).
- The currency would need to close below 0.7690 to void the upside target.
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