the daily chartist

AUD/USD recap for 06.10.2015

published 6 years ago

AUD/USD is moving according to plan and as predicted the price now has formed a double-bottom and currently the price sits at 0.71975. Price has passed just a bit 0.71746 which is the beginning of a sell zone. With overall dollar weakness as markets fade out the rate hike scenario for this year for now and dollar is taking a brake, its rivals gain strength. If AUD's bulls remain in power the price will start to move up, beyond 0.71975 and continue its path towards 0.74059, reaching the second sell zone and I think the price there will stop to rise and the bears will move in.