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AUD/USD making headway, or a double top?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is on the bid in early Tokyo while market as turned risk positive, with the Yen now making a continuation of the bid as well, penetrating the 200 sma on the hourly chart and en-route for 117.67 and yesterday's high.

    Markets overnight found oil rebounding on the March contract by over $1.5c, stocks finishing in the red, but making a comeback before the close and a generally improved risk environment setting up Tokyo for much of the same. China is the next catalyst at the Yuan fix, where some are suggesting that its stabilization cannot last.

    AUD/USD levels

    Technically, AUD/USD has met resistance at the half-way mark of the 0.69 handle and unless it can penetrate and close towards the 0.70 handle, a double top might emerge, a technical pattern that might be confirmed on a red candle formation at this resistance level and yesterday's high of 0.6957, while price is currently meeting the 200 sma on the hourly chart at 0.6937.
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