TECHNICAL REPORTTECHNICAL REPORT MAJOR US DOLLAR RATES - FEATURED MARKET – AUD/USD
AUD/USD extended losses from the 1.1079 peak in 2011, the highest since 1982, to reach .6830 in January 2016, before rallying to .7831, almost spot- on the 23.6% Fibonacci retracement level. A broadly sideways range has developed since, potentially this marks a higher platform for a further recovery phase over coming months, running up towards the May 2015 lower top at .8160 on a clean break of the
.7778 & .7831 highs seen in 2016, and possibly to nearer the 38.2% retracement at .8453 further out. However, the longer-term trend remains down and is eventually favoured to resume.
Steve Jarvis
Chief Analyst Tradermade
FX
USD/JPY Monthly Candlestick Chart
Source: Tradermade
MAJOR TRENDS AND TARGETS FOR US DOLLAR MAJORS As at 23-Mar-17 EUR/USD GBP/USD USD/JPY USD/CHF USD/CAD AUD/USD
Current level 1.0790 1.2500 111.10 0.9925 1.3330 .7640
Flat Up
Flat
Major trend Down Down Up
Major targets
1.0074 / 0.9227 1.1691 / 1.1281 121.66 / 125.82
1.4101 / 1.4688
Trend change level 1.1611 1.5016 104.29
0.9446 / 1.0342 1.2978
.7147 / .7831
FX TRADER MAGAZINE April - June 2017 55
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