Daily Forex Chart Art – Oct. 2, 2015

AUD/USD: 1-hour

Now AUD/USD has just broken above the neckline of its short-term double bottom pattern and is now pulling back for a retest. Using the Fib tool on the latest swing high and low on the 1-hour forex chart shows that the 38.2% retracement level lines up with the broken resistance and 200 SMA, which appear to be keeping losses in check. At the same time, stochastic is starting to climb out of the oversold area, indicating a pickup in bullish momentum. In that case, price could make a move back up to the previous highs at .7085 or beyond. The 100 SMA is below the 200 SMA for now but it looks like an upward crossover is about to happen, confirming that the reversal could carry on. If the pair is in the mood for a larger correction, it could still retreat to the 50% Fib near the 100 SMA or the 61.8% Fib coinciding with the .7000 major psychological support.

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