AUD/USD consolidates in preparation for a rallyFor now it appears that [B]AUD/USD [/B]is consolidating, recovering from its earlier problem of being overbought. However, this consolidation is thought by some to be a precursor to a rally for the [B]Australian dollar[/B].
FX Street reports on one view of the recent movements by AUD/USD in forex trading:
On the short-term, Elliott expects sideways movement between 0.8800 and 0.9400 before rallying to higher levels: “Note that trading remains within a very neat ‘channel’ and that [B]all elements of the weekly Ichimoku ‘cloud’ chart point to a long position[/B] and the currency is no longer overbought.”
It appears that the Aussie may be aiming for parity with the U.S. dollar, heading higher and possibly reaching a one to one [B]exchange rate.[/B]
[B]See Also[/B]
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[li]Looking for AUD/USD Trends in Currency Trading[/li]Forex trading trends
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