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Daily Forex Technicals |
Written by FXTimes |
Dec 01 11 12:59 GMT
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AUD/USD and AUD/JPY Attempting to Break Above Flag Patterns
AUD/USD
Since the risk-on pop during the 11/30 US session, the Aussie has been consolidating. The 1H AUD/USD chart shows a market that has bee trading in a flag pattern. This pause came after the rally tagged the upper bollinger band (around 200 simple moving average with 3 standard deviations). The RSI was also over 70, and reflected overbought conditions in the near-term. However, the market is bullish in the short-term as the RSI reading remains above 40, with the ability to tag 70.
Now we have a breakout. A swing projection from the Nov 30 low to high projected onto 1.0150 pivot (Dec 1 low), targets 1.0520. Also watch for resistance near 1.0410 (the 200day SMA).
AUD/JPY
As you can see, the AUD/JPY 1H chart looks similar to the AUD/USD's. It is also cracking flag pattern resistance. The RSI is in similar stance. The same swing projection targets 81.30. The 200 day SMA for AUD/JPY is near 82.85, which is near the October highs, which closed near 82.30.
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FXTimes
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