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AUD/USD: possible double-bottom forming

   
The aussie has formed a double-bottom reversal pattern at the 0.7600 lows.

The neckline for the pattern is at 0.7816 and a break above that would signal a move higher to a minimum target at 0.7945.

Ideally I’d like to see a break slightly above the neckline, in fact, at 0.7825, just to be sure of a breakout higher, especially given the proximity of the monthly pivot and the desire to see that properly broken before committing higher.

The rising volume on the second bottom is falls in line with guidelines.

AUDUSD10

   
The aussie has formed a double-bottom reversal pattern at the 0.7600 lows.

The neckline for the pattern is at 0.7816 and a break above that would signal a move higher to a minimum target at 0.7945.

Ideally I’d like to see a break slightly above the neckline, in fact, at 0.7825, just to be sure of a breakout higher, especially given the proximity of the monthly pivot and the desire to see that properly broken before committing higher.

The rising volume on the second bottom is falls in line with guidelines.

AUDUSD10



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