Australian Dollar ready for a major kangaroo jump?
- Posted by PeterLBrandt
- on January 10th, 2013
Currency is threatening the completion of a major symmetrical triangle
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.
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Peter Brandt entered the commodity trading business in 1976 with ContiCommodity Services, a division of Continental Grain Company. From his start in the commodity industry, Peter's goal was to trade proprietary funds. But, he first needed to learn the business. More »