Monday, May 16, 2011

AUD/USD Forms Short-term Double Bottom



The AUD/USD completed a double bottom when breaking above 1.0590. Note also that the market is resolving a bullish divergence.

A pattern breakout projection targets 1.0670 right below 78.6% retracement.

The RSI is attacking 60. A break above it is trouble for the bearish momentum, and a break above 70 establishes a

Source: ActionForexall Rss Feed

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