7 Apr 2014
AUD/USD: H&S bottom may see 0.95 as next target - BBH
FXStreet (Bali) - According to Marc Chandler, Head of FX at BBH, AUD/USD may target 0.95 after the inverted H&S breakout last last month.
Key Quotes
"It has been knocking on the $0.9300 ceiling for several sessions. It has moved above it twice, but unable to close above it."
"At the same time, pushback has been modest, with $0.9200 holding. It is possible, as we have noted, that the Australian dollar has carved out a head and shoulders bottom. It projects toward $0.9500."
Key Quotes
"It has been knocking on the $0.9300 ceiling for several sessions. It has moved above it twice, but unable to close above it."
"At the same time, pushback has been modest, with $0.9200 holding. It is possible, as we have noted, that the Australian dollar has carved out a head and shoulders bottom. It projects toward $0.9500."