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AUDUSD: Intermediate-term bull shift reinforced

Hi there traders, this is Steve Miley for forextraders.com and here we’re going to take a look at the Australian dollar versus the US dollar technical outlook going into the middle of September.

Well a strong recovery in here for the early part of September, critically taking out some important levels up here in the 0.6817 0.6822 area.

And the breakup through here has secured an intermediate term base. We’ve almost got like a triple bottom in here – one, two, three lows in here – and the break above the interim highs in here securing an intermediate term base aiming the market higher.

And we do see upside pressures going into both today and for this week going into the balance for this week up through 0.6899 up here – maybe higher targets through 0.6955.

On the down side its only back down through 0.6812 which would shift the short term bias more negative and only through 0.6756 would neutralise the intermediate bullish theme.

Join me again next time for another video looking at FX.

This has been Steve Miley for forextraders.com and I wish you a great trading day.

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