AUDUSD bullish reversal, long term strengthening
AUDUSD printed a new 52-week high and terminated a year – year down trend since 2013. Bullish reversal pattern. Over a longer time frame, we can see this as part of long term strengthening.
Low side of a long term strengthening; bullish reversal
This is a 3-month-candlestick chart of AUDUSD from 1993 – present. Based on the chart, AUDUSD strengthening appears to be part of a long – term strengthening where the AUDUSD is still trading near to the low end. Special to note that AUDUSD has been falling year to year since 2013 (bearish expansion, new 52-week low) but that sequence has been terminated now that the pair has printed a new 52-week high. Good sign.
Before we get carried away though, time to see the pair has to clear overhead resistance at red zone. Additionally, I am now waiting for an overdue reaction to that former 52-week high that was broken. A throwback somehow?
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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