A kangaroo leap over the 1.0600 to 1.0650 level in the $AUDUSD would clear a significant hurdle. The currency, as seen on the weekly chart, has been fenced in for the past 17-months. The market is now challenging the upper boundary of this coil.
While a close above 1.0650 would complete the triangle, the market would still need to confront the March 2012 and July 2011 highs before it could be said the kangaroo has left the ranch. Once out of the ranch, the kangaroo could jump all the way to the 1.1900 before encountering another hurdle.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Australian Dollar Ready For A Major Kangaroo Jump?
Published 01/11/2013, 03:52 AM
Updated 07/09/2023, 06:31 AM
Australian Dollar Ready For A Major Kangaroo Jump?
Currency is threatening the completion of a major symmetrical triangle
Latest comments
Peter,
How does this link to your bearish view on Gold. I thought the two have a reasonable co relation.
Thanks.
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