Technical Analysis of AUD/USD Dates 2014.12.10
Written by the technical team of PipSafe Company
AUD/USD had a strong and without reformation descending trend during the recent weeks and could record the bottom price of 0.82295.As it is obvious in the picture below, the price has been stopped by reaching to the supportive line which is made of 2 bottom prices and has recorded the bottom price of 0.82295 on this line (Spinning Top Pattern). According to the strong downfall of price from the top price of 0.93921, it seems that the price is saturation sell area and there is the possibility of price reformation.
As it is obvious in the picture below, there is AB=CD harmonic pattern with ratios of 78.6 and 127.2 between the bottom price of 0.82295 and the top price of 0.975442 that warns changing price direction from D point.Stoch indicator is in saturation sell area and confirms the harmonic D point and potential for ascending of the price.The first warning for ascending in this currency pair is breaking of the Resistance level of 0.833727.Generally until the Support level of 0.82295 on supportive line is preserved, the price has the potential for reformation and ascends in this currency pair.
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