AUDUSD Cup and Handle possibly forming

17 thg 1, 2017

I have my eye on the formation of what appears to be a cup and handle.The AUD has been one of the strongest currencies against the USD over the past several months and today it is finally breaking up above the psychologically key 0.7500 level. If this holds it will be a very bullish sign. Above 0.7600, this pair starts to reach its price levels of 3 and 6 months ago, and if it gets there, this is a great technical indicator for the establishment of a long-term bullish trend. Meanwhile, it looks like a great vehicle to use for exploiting weakness in the USD.